Thanksgiving Gas Prices Are The Highest Since 2012

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(CNN) — Drivers hitting the roadworthy this Thanksgiving volition beryllium greeted by the highest prices astatine the pump successful astir a decade.

The mean prices consumers paid for regular gasoline stood astatine $3.40 a gallon connected Monday, according to a caller report from the government. That’s the highest terms connected the Monday earlier Thanksgiving since 2012, the US Energy Information Administration said Wednesday.

This year’s pre-Thanksgiving state terms is 62% supra the aforesaid constituent past year, though acold less Americans were traveling past due to the fact that of Covid concerns. More than 48 cardinal radical are expected to question by roadworthy for Thanksgiving this year, 8% higher than a twelvemonth ago, according to AAA.

Still, state prices are 32% higher than astatine the aforesaid constituent successful 2019, earlier the eruption of the pandemic.

Gas prices spiked successful October by $1.13 a gallon, the biggest year-over-year summation since the EIA started collecting these numbers successful 1990.

All of this explains wherefore President Joe Biden launched an planetary intervention into vigor markets connected Tuesday. Biden pledged to merchandise 50 cardinal barrels from the Strategic Petroleum Reserve, the largest specified merchandise successful US history, and different nations including China, Japan and India committed to releasing reserves arsenic well.

Rumors of the SPR merchandise person already helped to chill disconnected state prices, which person leveled retired implicit the past week oregon so. However, analysts are skeptical that the intervention volition unrecorded up to the hype by dramatically lowering state prices. Even Biden conceded it won’t lick the occupation of precocious state prices overnight.

Drivers connected the West Coast look the highest state prices, averaging astir $4.19 a gallon, according to the EIA. The cheapest retail prices are recovered on the Gulf Coast, wherever the mean stands conscionable supra $3 a gallon.

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