U.S. Gas Prices Drop Ahead of Thanksgiving Travel - The New York Times

With OPEC Plus members in disarray over production levels, oil prices have fallen nearly 20 percent in three months.

U.S. gasoline prices are plunging just in time for Thanksgiving, and with the OPEC Plus oil cartel in apparent disarray, they could be heading lower for Christmas.

Lower prices at the pump have helped ease the inflation rate most of this year. But this week, they fell to levels not seen at this time of year since 2021, according to the AAA motor club, before the Russian invasion of Ukraine sent energy prices higher.

“For consumers it’s a terrific tailwind,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. “They are not going to have to spend an awful lot on travel in the next few months, and that should persist into the middle of the winter.”

The national average price for a gallon of regular gasoline on Wednesday was $3.28, about 6 cents less than a week earlier and 27 cents less than a month ago. The price for a gallon of gas was $3.64 at the same time last year. Prices have dropped below $3 a gallon in more than a dozen states and are falling with particular speed in Montana, Florida and Colorado.

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