Reports: Gasoline Price Tumble to Continue
Americans thinking about driving over the river and through the woods for Thanksgiving could be in line for a nice surprise: lower gas prices.
CNN reported that prices have fallen 3.8% over the past 11 days to a national average of $3.67 a gallon for regular, according to motorist group AAA. And analysts say the price could fall another 30 cents by Nov. 22, Thanksgiving Day.
Patrick DeHaan, senior petroleum analyst at Gasbuddy.com forecasts prices falling to $3.35 a gallon by Thanksgiving. Between Thanksgiving and Christmas, he sees prices in the range of $3.25 to $3.45 a gallon.
Ben Brockwell, director of data, pricing and information services with Oil Prices Information Service, also sees prices falling, although not as steeply, to below $3.50 a gallon.
One reason for the forecast: Brockwell says wholesale prices have dropped as much as 30 cents a gallon in some markets. By comparison, the national average has fallen 12 cents over the past week. By that measure, Brockwell says the recent decline still has room to run.
There is typically a lag before a decline in wholesale prices is reflected at the pump.