Thanksgiving Gas Prices Should Be Lowest In Years

If you’re among the one million Maryland residents planning to travel for Thanksgiving -- many by car -- you’re in luck.

Gas prices are projected to fall below $2 per gallon nationwide for the first time since March 2009, according to analysis from GasBuddy, and will save Thanksgiving travelers an estimated $1.6 billion.

The projected national average of $1.99 per gallon on Thanksgiving would be a full 80-cent drop from last Thanksgiving’s average and $1.29 per gallon cheaper than 2013, according to GasBuddy.

In Maryland, gas prices early this week hovered right around $2 a gallon in the Annapolis area, while many stations were selling a gallon of gas for $2 up to nearly $2.50 in the Bethesda area.

If the price of gas drops below $2 a gallon, it would also be the cheapest Thanksgiving for gas prices since 2008, Patrick DeHaan, GasBuddy’s senior petroleum analyst, told Patch.

“If they keep declining at the pace they are now, it’s just a matter of time before prices reach $2 a gallon,” DeHaan said.

“Across the nation, prices are down 10 cents in the last week. We currently stand at $2.06 a gallon. And if that continues to hold, that will lead to the national average dropping under $2 right around Thursday.”

Sixty percent of U.S. gas stations are already selling a gallon for less than two bucks, DeHaan said.

And the low prices should continue through the holidays into December and January.

It would seem to defy basic supply and demand. More people driving long distances means more demand for gas, which means higher prices, right?

Not necessarily, DeHaan said.

“Even though folks are going to be hitting the road with much more frequency this week, you’re still talking about maybe a day or two when demand is much higher,” DeHaan said. “With oil and gas, one or two days of temporary spikes in demand really doesn’t to a whole lot (to the price).

“And keep in mind, once you get to grandma’s house, you don’t drive a whole lot. Getting there is one thing, but it does even out.”

To make sure you’re getting the best gas prices on the road, be sure to download a gas-pricing app, DeHaan said.

Prices can vary greatly from state to state, depending on the state’s oil tax. So crossing a state line before filling up could cost you 50 to 70 cents a gallon, DeHaan said.

You can also use this widget below to find the current prices of gas in your area. Just type in your city or zip code to see a map with the prices around you.