Drivers heading out for the Thanksgiving holiday will find gasoline prices lower than they've been in nearly a year, thanks to a sharp drop in the cost of crude oil and a surge in fuel production driven by big demand for diesel.
The average pump price for a gallon of regular gasoline fell to $2.62 this week, 7 cents less than a week ago and the biggest one-week decline this year, according to the latest price survey from AAA. That leaves the average price just 7 cents above this time last year — the lowest yearly change since July 2017.
"I think that we'll probably have 18 states that are cheaper than last year on Thanksgiving weekend," said Tom Kloza, global head of energy analysis at Oil Price Information Service.
Pump prices remain substantially higher in the West, however, thanks the high cost of transporting motor fuel to the region and the relative dearth of local production capacity. Prices are lowest in Texas and the Midwest.
"If you're east of the Rockies, there's a good chance you're going to be able to find gasoline between $1.90 and $2.25," said Kloza.