U.S. gasoline prices decline amid lower gasoline demand and falling crude oil prices

On November 20, 2023, the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.29 per gallon (gal) across the United States, 10% less than the same time last year. After adjusting for inflation (real terms), retail gasoline prices this Thanksgiving weekend are 13% lower than last year, but they remain higher than pre-pandemic levels for the third year. This Thanksgiving, the American Automotive Association (AAA) forecasts 55 million people will travel 50 miles or more for the Thanksgiving holiday, a 2% increase compared with 2022.