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Analyst projects Thanksgiving gas price of $3.59 to $3.69 a gallon as prices fall

2d

Summary

  • US gas prices are falling ahead of the Thanksgiving travel week, with the national average at $3.91 per gallon, according to AAA data.
  • GasBuddy analyst Patrick De Haan attributes the decline chiefly to the switch to cheaper winter gasoline, which stations can sell after September 15.
  • De Haan also cites falling demand after the summer driving season and an increased flow of oil through the Strait of Hormuz.
  • Thirty-two states had average gas prices below $4 per gallon on Wednesday, per GasBuddy.
  • The US Energy Information Administration raised its gasoline and diesel price forecasts compared with its October outlook.

Reactions

  • De Haan forecast that the national average gas price on Thanksgiving will be $3.59 to $3.69 per gallon and diesel $5.85 to $5.95.
  • De Haan said nobody who won the midterm elections the week before had anything to do with the prices drivers are paying.
  • De Haan forecast the number of states with gas prices below $4 per gallon could reach 44 by Thanksgiving.
  • The EIA forecast that in 2027 US retail diesel will average $5.03 per gallon and gasoline $3.73, both above its previous forecasts.
  • The EIA said it now assumes global petroleum product markets will face continued supply constraints through the end of 2027.
  • De Haan has said gas prices will not return to prewar levels until months of unimpeded oil shipments or a deal with Iran.

Timeline newest first

  1. AAA data on Thursday showed the national average US gas price at $3.91 per gallon, down from $4.10 a week earlier and $4.36 a month before.
  2. On Wednesday, GasBuddy analyst Patrick De Haan projected a national average Thanksgiving gas price of $3.59 to $3.69 per gallon and diesel at $5.85 to $5.95.
  3. De Haan said Wednesday that GasBuddy counted 32 states with gas prices below $4 per gallon, a figure that could rise to 35 on Thursday.
  4. De Haan said gas prices were falling slightly faster than anticipated, with gas at $3.89 and diesel at $6.09 per gallon when he posted.
  5. The Energy Information Administration released its short-term energy outlook on Tuesday, raising its gasoline and diesel price forecasts from its October outlook.
  6. Earlier in the week, De Haan said prices fall in autumn and rejected any link between the decline and the midterm elections.

Sources newest first

  • How far will gas prices fall? Analyst makes Thanksgiving predictionnewsweek.com· 2d

    A Newsweek article by Joe Edwards reports GasBuddy analyst Patrick De Haan's projection that the national average gas price will be $3.59 to $3.69 per gallon over Thanksgiving, with diesel at $5.85 to $5.95. De Haan attributes the falling prices chiefly to the switch to cheaper winter gasoline and seasonal demand drops, saying the midterm elections had nothing to do with it.