If you’re planning a road trip for Thanksgiving this month, some good news awaits you at the pump. November gas prices are at their lowest since 2004 due to low demand and the impact of Covid on crude oil prices.
As of November 9, the American Automobile Association reports a national gas average of $2.11 following an increase in gasoline stocks and a dip in demand. Stocks added 1.5 million bbl to total 227.6 million bbl, in the Energy Information Administration’s latest report, while demand decreased to 8.3 million b/d.
“The national gas price average at the start of November has not been this cheap since 2004. If crude oil continues to push cheaper, we could see the national average drop below $2/gallon before the end of the year,” said Jeanette Casselano McGee, AAA spokesperson.
While crude oil prices rallied on the week, up from a four month low of $35/bbl to as high as $39/bbl, they remain extremely inexpensive. This is a dominant factor, along with low demand, contributing to the cheaper prices seen at pumps around the country.
On the week, only four states saw gas prices increase: Indiana (+6 cents), Ohio (+6 cents) and Illinois (+2 cent) and Washington, D.C. (+1 cent). As has been the trend for weeks now, the majority of states gas price averages continue to push cheaper. Nearly 20 states start the week with an average at least three cents cheaper than last Monday.
At $2.11, November 9th’s national average is seven cents cheaper than last month and 51 cents less expensive than last year.
The nation’s top 10 largest weekly changes: Delaware (-7 cents), Indiana (+6 cents), Ohio (+6 cents), Michigan (-4 cents), Florida (-4 cents), Texas (-4 cents), Maryland (-4 cents), Kentucky (-4 cents), Georgia (-4 cents) and Missouri (-3 cents).
The nation’s top 10 least expensive markets: Missouri ($1.76), Texas ($1.77), Mississippi ($1.78), Oklahoma ($1.78), South Carolina ($1.81), Arkansas ($1.81), Louisiana ($1.83), Alabama ($1.84), Tennessee ($1.85) and Kansas ($1.88).
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