Less than a third of Americans are planning on traveling for Thanksgiving this year, according to a survey from GasBuddy.
“The average gas prices are amongst the highest we’ve ever seen for Thanksgiving. The national average could be very closest to the all-time high that we’ve seen on Thanksgiving,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
That is a big contrast from 2019.
“In that year, nearly two-thirds of motorists said they would travel for Thanksgiving. Certainly, gas prices are taking a toll on Americans,” said DeHaan.
Prices have been going down lately, but DeHaan is concerned that there could be a price hike across Indiana and other states sometime next week.
“They may go back up to where they were a couple of weeks ago when it was $3.45 per gallon in most places, but for now prices are going statewide. The statewide average is about $3.35. In Indianapolis, it’s about $3.38,” said DeHaan.
Unless you’re on empty, DeHaan says it is best to wait to fill up your tank.
“I think prices should continue to decline at least another day or two. As we get closer to the weekend, we could see a price reset late this week or early next week. I think the hike next week would be the more likely scenario, maybe around next Tuesday,” said DeHaan.
For the last couple of months, demand has outpaced supply.
“But with OPEC slowly increasing production and with COVID cases going up, it’s possible we could supply retake demand in the month of December or January. So things are slowly starting to improve,” said DeHaan.
In that survey, half of Americans say they are driving less overall this year. When asked what it would take for them to drive more, 78% said lower gas prices.