“If they keep declining at the pace they are now, it’s just a matter of time before prices reach $2 a gallon”, DeHaan said.
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The average price of regular gas in MI stood at $1.93 a gallon on Monday, down 23 cents from the week before and almost a dollar from the same time a year ago, AAA MI reported.
“We had lower prices in 2008 and 2009 but not for Thanksgiving”. Prices ranging as low as $2.25 were reporrted at a number of Bakersfield locations Monday.
“Motorists are saving around $11 for a full tank of gas compared to this time a year ago”, said AAA spokesman Mark Jenkins. “The cheapest markets are in the Great Lakes states”. In SC, which has one of the lowest state gas taxes, Monday’s average was $1.85, according to GasBuddy.com. The South is also enjoying low prices, including Arkansas ($1.881), Louisiana ($1.877), Alabama ($1.841), MS ($1.855), Texas ($1.855) and SC ($1.841).
Though not very clear, when it comes to other forms of transportation, it is expected that their number of passengers will rise as well. GasBuddy said the cheap prices will save US travelers about $1.5 billion during the five busiest Thanksgiving travel days.
“It’s all good news”, said John Darnley, meteorologist with the National Weather Service in Moon. While the oil companies take a hit – many consumers are pretty happy about the decline in prices.
“This is a glut of crude”, Kloza said.
So expect your Turkey day road trip price to range in the $1.92 to $1.93 area, based on the average price and even lower if you aggressively shop for a better price.
Rodrigo Porras of El Paso said this helps a lot of people who can not afford to buy a plane ticket. This amount is, of course, substantial, especially since the holiday season usually equates to millions of Americans hitting the road. Daily auto rental rates will average $60, 8 percent higher than Thanksgiving 2014.
A total of 46.9 million people are expected to travel 50 miles or more during the holiday period from Wednesday through Sunday, according to AAA.
Global oil supplies continue to outpace demand, keeping downward pressure on oil prices, he said.
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Gas prices are still adjusting to the recent drop in oil prices.
