Thanksgiving gas prices fall to lowest levels in five years

• Marie Cusick
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  Marie Cusick was the Harrisburg reporter for StateImpact Pennsylvania.

Good news for the estimated 41 million Americans who plan travel more than 50 miles by car this Thanksgiving week–gasoline prices are continuing to decline, averaging $2.82 per gallon. According to the U.S. Energy Information Administration, it’s the lowest price heading into Thanksgiving since 2009.
What’s behind the price drop? Part of the reason is the fracking oil boom in other parts of the country, like North Dakota, which has lead to a surge in U.S. oil production.
The EIA explains:

Much of the decline in gasoline prices since mid-2014 is attributable to falling crude oil prices. The combination of robust U.S. crude oil production growth, a return of Libyan production (despite recent setbacks), weakening expectations for the global economy (particularly in China), and seasonally low refinery demand has reduced oil prices. North Sea Brent spot prices have fallen from a July monthly average of $112 per barrel (bbl) to a November monthly average of $80/bbl (through November 24). The average U.S. retail regular-grade gasoline price has fallen 88 cents/gal since the start of July.

According to GasBuddy.com Pennsylvania’s current average gas price ($2.97/gallon) is higher than the national average, but still about 40 cents lower than it was at the same time last year.

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