Many people driving for Thanksgiving this year will have one more thing to be thankful for when they’re settling in for turkey and stuffing: The lowest gasoline prices in seven years.
The average price of a gallon of gas nationally is $2.09, according to the Energy Information Administration, the Department of Energy’s independent analysis arm. That’s the lowest it has been on Thanksgiving since 2008.
The price at the pump has dropped 82 cents per gallon in the last year, according to the agency.
The low price of gas is contributing to more people traveling on Thanksgiving weekend than any year since 2007, with an estimated 46.9 million people traveling more than 50 miles from home, according to AAA. Of those people traveling, about 42 million will be traveling by car.
The drop in gas prices is being caused by a global glut in the amount of crude oil on the market, which has prompted oil prices to plunge. Retail gas prices range from $1.83 per gallon in Houston to $2.79 in Los Angeles.
As the holiday season progresses, American drivers can expect to receive more savings as a gift.
The government projects average gas prices to drop to $2.06 per gallon across the country next month.
