Retail gasoline prices this Thanksgiving are at their lowest since 2020, according to newly released data from the Energy Information Administration.
As of Monday, Louisiana and the rest of the Gulf Coast are enjoying the lowest average retail gas prices in the nation at $2.64 per gallon, 5% less than the same time last year. Gas prices are usually the lowest on the Gulf Coast, and this Thanksgiving is no exception.
At deadline, gas could be found as low as $2.29 per gallon in Baton Rouge, according to GasBuddy, a platform that reports real-time price information.
Nationally, the retail price of gas averaged $3.04 per gallon as of Monday, down 7% from the same time last year.
According to the EIA, crude oil prices and refining margins are influencing current market conditions. The price of crude oil is the single-largest driver of retail gas prices—the EIA estimates that the price of crude oil contributed 53% to the price of gas in September—while refining margins contribute 15% on average to the price of gas.
“Typically, U.S. retail gasoline prices follow a seasonal trend: Prices rise in the spring and peak in late summer, when people drive more frequently, before declining in the winter,” the agency writes. “This year, lower crude oil prices and declining refining margins are supporting the historical trend and driving gasoline prices lower.”
The EIA’s report comes at a time when a record number of Americans are expected to travel for Thanksgiving this year.
The American Automotive Association forecasts that nearly 80 million people will travel 50 miles or more this Thanksgiving, up 2% from 2023. And earlier this week, the Transportation Security Administration warned that this could be the “busiest Thanksgiving ever.”
Locally, the Baton Rouge Metropolitan Airport on Friday said it was preparing for one of its busiest Thanksgiving travel seasons in years. The airport expects to serve more than 10,000 departing passengers this Thanksgiving, 16% more than it served in 2023.
