U.S. Gasoline Prices Hit Four-Year Low for Thanksgiving 2024

As families across the United States prepare for Thanksgiving celebrations, they’re also experiencing an unexpected relief: the lowest gasoline prices since 2020. On the Monday before Thanksgiving, the average price of regular gasoline nationwide was $3.04 per gallon, a 7% decrease compared to the same time last year, according to data from the U.S. Energy Information Administration (EIA). This marks the lowest Thanksgiving-week fuel costs since the early days of the pandemic when gasoline demand was drastically reduced.

Factors Driving Lower Gasoline Prices

Several factors are contributing to the decrease in gasoline prices this season:

• Crude oil prices which account for 53% of the retail gasoline price, have dropped significantly. The average Brent crude price in November 2024 was $74 per barrel, down 10% from the same period last year. Weak global oil demand, coupled with OPEC+ production cuts, has helped reduce crude oil costs.

• Refining margins responsible for 15% of the price of gasoline, have fallen this autumn due to the transition to winter-grade fuel, which is less expensive to produce. Expanding global refining capacity and weak demand for petroleum products have also played a role in keeping costs low.

Regional Price Differences

Gasoline prices continue to vary across regions due to differences in fuel specifications, local demand, and logistical constraints:

• West Coast: The region saw the highest average price at $3.88 per gallon, although this is a 12% drop from last year.

• Gulf Coast: With its surplus production, prices in this region were the lowest at $2.64 per gallon, down 5% year-over-year.

• Midwest: Prices averaged $2.87 per gallon, reflecting an 8% decline.

• Rocky Mountains: Retail prices were $2.83 per gallon, 12% lower than last year.

• East Coast: The most populous region had an average price of $3.01 per gallon, marking a 5% decrease.

How Super Dry Keeps Cargo Safe Amid Changing Market Conditions

As more goods are transported during the busy holiday season, businesses face logistical challenges that extend beyond gasoline prices. One of the lesser-discussed risks is moisture damage to cargo, particularly as colder temperatures increase the likelihood of condensation, known as “container rain,” within shipping containers.

Super Dry offers industry-leading desiccant solutions to combat these risks, ensuring that holiday shipments arrive in perfect condition. Whether transporting goods across regions or internationally, our desiccants protect against moisture damage, reducing losses and enhancing supply chain efficiency.