AAA: Thanksgiving travel to rise as fuel prices fall

EnergyNews Briefs

by Jeff Della Rosa ([email protected]) November 13, 2023 10:56 am 324 views 

According to AAA, the number of U.S. travelers is expected to increase by 2.3% to 55.37 million over the Thanksgiving weekend compared to the same period last year. It’s projected to be the third-highest number of Thanksgiving travelers since AAA started tracking holiday travel in 2000.

Most of the travelers will drive to their destinations this year, with 49.13 million driving. This is up 1.7% from 2022 but down 1.6% from 2019. According to AAA, motorists might be paying less for fuel than last Thanksgiving, when the national average was $3.58 a gallon. The price has been falling since it peaked in mid-August at $3.87.

“As motorists turn their attention to Thanksgiving, they certainly can be thankful for the decline in gasoline prices, which has now reached eight straight weeks,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy counts 11 states where average prices are below $3 per gallon, with several more to join this week.”

Last week, the Arkansas average price fell below $3 per gallon for the first time since Jan. 17, according to AAA. As of Nov. 13, the national average is $3.36, down 41 cents from this time last year. Over the same period, the average price in Arkansas has declined by 30 cents to $2.94.

“Gasoline demand has struggled in recent weeks, falling not only due to the seasonal nature, as Americans drive less as the weather gets colder, but it appears there may be some economic headwinds entering the equation as well,” De Haan said.

AAA bases its Thanksgiving travel forecast on those who travel at least 50 miles from home between Nov. 22 and Nov. 26. Thanksgiving is Nov. 23. Since 2000, the years with the most travelers were 2005 and 2019, respectively.

Among other modes of travel this Thanksgiving, 4.69 million people are expected to fly, an increase of 6.6% compared to 2022 and the highest number of Thanksgiving air travelers since 2005. Thanksgiving travelers by bus, train or cruise are projected to rise by 10.9% to 1.55 million this holiday compared to the same period last year.