Energy

‘Dizzying’: Americans Can Expect Record-Setting Gas Prices Over Thanksgiving

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The average national gasoline price during Thanksgiving will be at its highest level since 2012, according to estimates from the fuel-saving app GasBuddy.

Thanksgiving gas prices on average will hit $3.68 per gallon, almost 30 cents higher than they were during 2021 and more than 20 cents higher than the previous record of $3.44 a gallon set in 2012, according to a GasBuddy news release. Gas prices have reached record highs in 2022 due to increased post-pandemic demand, fuel-refining constraints and Russia’s invasion of Ukraine.

“It has been a dizzying year at the pump, with motorists likely feeling nauseous not from the eggnog, but from the roller coaster ride at the pump with record gasoline prices earlier this year, which have fallen significantly since mid-summer,” head of petroleum analysis at GasBuddy Patrick De Haan said, according to the news release.

De Haan predicted on Monday that the national average price of gasoline would fall to its lowest level since March and that the number of states with average gas prices below $3 will rise to five by the end of November.

The average price at the pump, which peaked at more than $5 per gallon in June, is roughly $3.76 and 35 cents higher than it was in November 2021, according to AAA. President Joe Biden has previously touted his efforts to bring down gas prices and has blamed oil companies for not investing enough money to increase production and refining.

In March, Biden authorized the Energy Department to sell 180 million barrels of oil from the U.S. Strategic Petroleum Reserve in order to increase global supply and bring down gas prices. The president also accused energy producers of war profiteering on Oct. 31 and threatened to tax their windfall profits unless they lowered gasoline prices.

The White House did not immediately respond to the Daily Caller News Foundation’s request for comment.