Pump Prices Hit Lowest Thanksgiving Point Since 2020
Drivers across Los Angeles and Orange counties enjoyed a welcome reprieve at the pump this Thanksgiving, filling up their tanks for the lowest amounts since 2020. The drop in prices, part of a nationwide trend, comes as a welcome relief after record highs earlier this year.
Los Angeles and Orange County Prices Plunge
According to figures from the AAA and Oil Price Information Service, the average price for a gallon of self-service regular gasoline dropped to its lowest point since late December 2022. In Los Angeles County, the average dipped nine-tenths of a cent Thursday to $4.447, marking a 10.1 cents decline from a month ago and a significant 53.6 cents decrease compared to last year.
Orange County also saw a drop, with the average price falling three-tenths of a cent to $4.369. This represents an eight-tenths of a cent decrease from last week, a 10.5 cents drop from a month ago, and a 46.3 cents decrease year-over-year.
“The average price has dropped $2.047 since rising to a record $6.494 on Oct. 5, 2022,” recent AAA reports confirm. Similar trends were observed in Orange County, where the average price has fallen $2.09 from its peak of $6.459 on Oct. 5, 2022.
A Look Back: Thanksgiving 2020
The current Thanksgiving prices stand in stark contrast to those seen in 2020. Back then, the average price in Los Angeles County was $3.153, while Orange County saw an average of $3.124. Analysts attributed these lower prices to the sharp decreases in demand during the early months of the COVID-19 pandemic.
National Averages Follow Suit
The price relief wasn’t limited to California. Across the nation, the average price for a gallon of regular gasoline decreased eight-tenths of a cent to $3.065. Although slightly higher than last week, it signifies a 6.5 cents drop from a month ago and a notable 18.1 cents decrease compared to last year’s Thanksgiving. The national average has dropped $1.951 since reaching a record high of $5.016 on June 14, 2022.
Is it likely that gas prices will remain stable throughout the holiday season?
## Pump Prices Plunge for Thanksgiving Travelers
**Host:** Welcome back. Joining us today is automotive analyst, Susan Miller, to discuss the welcome news of falling gas prices just as millions of Americans hit the road for Thanksgiving. Susan, thanks for being here.
**Susan Miller:** It’s my pleasure.
**Host:** Let’s get right to it. We saw gas prices drop to their lowest Thanksgiving point since 2020. What’s driving this downward trend?
**Susan Miller:** You’re absolutely right, gas prices have finally given drivers some relief. According to a report by the U.S. Energy Information Administration [[1](https://www.cnet.com/home/electric-vehicles/as-thanksgiving-travel-starts-up-gas-prices-are-their-lowest-since-2020/)], the national average on November 25th, the Monday before Thanksgiving, was $3.04 a gallon. That’s a significant drop from the record highs we saw earlier this year. There are multiple factors at play here, including decreased demand due to economic uncertainty and a slight increase in global oil supply.
**Host:** That’s fascinating. Is this relief at the pump expected to continue into the holiday season?
**Susan Miller:** It’s difficult to say for certain, as gas prices are always subject to fluctuations.
However, barring any unforeseen events, it’s likely we’ll see relatively stable prices in the coming weeks.
**Host:** That’s encouraging news for holiday shoppers and travelers alike. Susan, thanks for your insights. We appreciate you joining us today.
**Susan Miller:** My pleasure.
