Gas could drop to lowest Thanksgiving price since 2016, report finds

Posted at 11:02 AM, Nov 18, 2020

Gas prices around Thanksgiving could be the lowest in four years, according to a new prediction from travel and navigation app GasBuddy.

According to the Gas Buddy annual Thanksgiving Travel Survey, about 35% of Americans will hit the road this year for the holiday, down from 65% last year.

Michigan officials are urging people to stay home this year for Thanksgiving to slow the spread of COVID-19.

GasBuddy reports that the average national gas price will be around $2.17 per gallon due to less demand for gas and lower oil prices.

“Gasoline demand has continued to struggle as the coronavirus has kept Americans in their homes and keys out of their cars, working and e-learning from home. But with positive outcomes from two vaccine trials, we’re beginning to see optimism return, leading prices to rise slightly just in time for Thanksgiving,” says Patrick De Haan, head of petroleum analysis at GasBuddy. “However, the survey results show continued anxiety from motorists even with the lowest Thanksgiving gas prices in years, highlighting the challenges we’re facing in this pandemic.”

About 46% of people who responded to the survey said their travel plans are impacted by the COVID-19 pandemic.

“Typically during the holidays, it's all about traditions and less about the cost, even when gas prices were over $3, plenty of Americans didn’t hesitate to travel for Thanksgiving,” said De Haan. “With Americans still concerned about traveling by plane, many families will take advantage of low prices and make a road trip when they otherwise wouldn’t.”