New York (CNN) Drivers hitting the road this Thanksgiving will be greeted by the highest prices at the pump in nearly a decade.
The average prices consumers paid for regular gasoline stood at $3.40 a gallon on Monday, according to a new report from the government. That’s the highest price on the Monday before Thanksgiving since 2012, the US Energy Information Administration said Wednesday.
This year’s pre-Thanksgiving gas price is 62% above the same point last year, although far fewer Americans were traveling then because of Covid concerns. More than 48 million people are expected to travel by road for Thanksgiving this year, 8% higher than a year ago, according to AAA .
Still, gas prices are 32% higher than at the same point in 2019, before the eruption of the pandemic.
Gas prices spiked in October by $1.13 a gallon, the biggest year-over-year increase since the EIA started collecting these numbers in 1990.
All of this explains why President Joe Biden launched an international intervention into energy markets on Tuesday. Biden pledged to release 50 million barrels from the Strategic Petroleum Reserve, the largest such release in US history, and other nations including China, Japan and India committed to releasing reserves as well.
Rumors of the SPR release have already helped to cool off gas prices, which have leveled out over the past week or so. However, analysts are skeptical that the intervention will live up to the hype by dramatically lowering gas prices. Even Biden conceded it won’t solve the problem of high gas prices overnight.
Drivers on the West Coast face the highest gas prices, averaging about $4.19 a gallon, according to the EIA. The cheapest retail prices are found along the Gulf Coast, where the average stands just above $3 a gallon.
- Coronavirus, ‘Oil Price War’ Between Saudi Arabia, Russia Creates Plunging Gas Prices for U.S. Drivers
- Coronavirus Causing Major Drop in Gas Prices
- Coronavirus Crisis Pushing Gas Prices Down In Massachusetts
- Gas prices fall below $2 a gallon in 12 states
- Coronavirus crisis shakes Europe's power, gas prices
- Gas Price Drops to 99 Cents, Sells out at Kentucky Station
- Gas prices continue to fall in Rhode Island
- Gas prices could hit 99 cents in some states due to coronavirus, supplies expert says
- May 2019 Clearwater Gas Prices Update
- May 2019 Houston Heights Gas Prices Update
- What's Happening With Gas Prices in Hoover?
- May 2019 Largo Gas Prices Update
- Gas prices dropping in northern New England, across nation
- Drivers in NJ, around country still seeing gas prices drop
- Rhode Island gas prices plummeting; down 11 cents in a week
- Gas Prices in Affton-Shrewsbury are Holding Steady
- Gas Prices Drop To Lowest Amount Since Last March In San Diego
- Gas Prices Remain Stable In San Diego County
- Gas Prices Drop To Lowest Amount Since March 26 In San Diego
- Gas Prices Rise For 3rd Time In 4 Days In San Diego County
|The Highest Quality Portable AM/FM Radio BLACK (check at Amazon)||4.1|
|iPhone 6 We are the daughter, the son of a king who is not moved by the world - Bible verseiPhone 6 black plastic case (check at Amazon)||5.0|
|Happy girls are the prettiest - Audrey Hepburn Quote iPhone 4 Case - Pink Girly iPhone 4s Case with Quote (check at Amazon)||5.0|
|For iPhone 4 Case - ThinShell Protective Case for iPhone 4 4s Cute Quote Look To The Highest (check at Amazon)||1.0|
|iPhone 4 Case Silicone Case Protective iPhone 4/4s Case Cute Quote Look To The Highest (check at Amazon)||4.0|
|High quality Hello Kitty -WE ARE THE ONE- Screen protector (Front and Back) for Apple iPhone 4 / 4S. JCSTORE Retail packaging. (check at Amazon)||5.0|
|Where the Wild Things Are: The Videogame (check at Amazon)||4.2|
|SEGA Ryu ga Gotoku OF THE END for PS3 [Japan Import] (check at Amazon)||5.0|
|Queen Of The Sun: What Are the Bees Telling Us? $12.73 (check at Amazon)||4.8|
|I'd Climb The Highest Mountain (check at Amazon)||0.0|
|Ga-Rei-Zero: The Complete Series (Blu-ray/DVD Combo) $99 (check at Amazon)||0.0|
|Lonely are the Brave (Universal Backlot Series) (check at Amazon)||0.0|
|The Artist (Dvd, 2012) (check at Amazon)||0.0|
|The Damned (These Are the Damned) [Reg. 2&4] $21.98 (check at Amazon)||0.0|
|Cardinal Richelieu; I'd Climb The Highest Mountain; Sodom And Gomorrah; Esther And The King $51.64 (check at Amazon)||0.0|
|We are the World - The Story Behind the Song (20th Anniversary Special Edition) (check at Amazon)||0.0|
|We are . . . The Laurie Berkner Band (check at Amazon)||4.8|
|Disney's Tinkerbell: Secret of the Wings [DVD] (2012) (check at Amazon)||0.0|
|The Price of the American Dream $6.65 (check at Amazon)||0.0|
|What Are the Chances? Probability Made Clear $5.63 (check at Amazon)||4.4|
|The First Time (2012) (check at Amazon)||5.0|
|The Highest Level - Documentary on the Recording & Prokofiev: Piano Concerto No. 3 [Blu-ray] $15.98 (check at Amazon)||4.3|
|Liposomal Curcumin | Best Price on the Net | 95% Curcuminoids | Highest Dose (check at Amazon)||0.0|
|How to Sell Your House for Top Dollar, Faster: How to Sell Your Home Quickly and for the Highest Price Possible $14.99 (check at Amazon)||0.0|
|We Are the Stories We Tell: The Best Short Stories by North American Women Since 1945 $18 (check at Amazon)||0.0|
|Dress Your House for Success: 5 Fast, Easy Steps to Selling Your House, Apartment, or Condo for the Highest Po ssible Price! $18.88 (check at Amazon)||0.0|
|Home Seller's Checklist: Everything You Need to Know to Get the Highest Price for Your House (check at Amazon)||0.0|
|Smart Essentials For Selling Your Home: How To Get The Highest Price In The Shortest Time (check at Amazon)||0.0|
|The Highest Price for Passion (check at Amazon)||0.0|
|Getting the Highest Price: Power Marketing for Luxury Homeowners (check at Amazon)||0.0|
|The Official Blackbook Price Guide to World Coins 2012, 15th Edition (check at Amazon)||0.0|
|Raising the Energies of Mother Earth towards and after Ascension 2012: The Highest Truth (check at Amazon)||0.0|
|The Highest Price to Pay (Mills and Boon Modern) (check at Amazon)||0.0|
|Home Makeovers That Sell: Quick and Easy Ways to Get the Highest Possible Price (check at Amazon)||0.0|
|What Are the Leading Causes of Life? A Prescription for Living At Your Highest and Best (check at Amazon)||0.0|
|Beat High Gas Prices Now!: The Fastest, Easiest Ways to Save $20-$50 Every Month on Gas (check at Amazon)||0.0|
|For Sale by Owner: A Complete Guide: Everything You Need to Sell Your Home at the Highest Price Without Paying a Broker! $7.7 (check at Amazon)||1.0|
|There Are No Secrets: The Highest Journey (check at Amazon)||0.0|
|How to Sell Your Home Fast, for the Highest Price in Any Market $5.98 (check at Amazon)||0.0|
|Mills & Boon : A Convenient Proposal/The Argentine's Price/The Highest Price To Pay/Girl On A Diamond Pedestal (check at Amazon)||0.0|
|The Highest Price to Pay (Mills & Boon Modern) (Mills and Boon Modern) (check at Amazon)||0.0|
|Where Are the Keepers?: Incentive Program That Addressed the Highest Absentee Rate of Any Municipal Agency in New York (check at Amazon)||0.0|
|How To Trade the Highest Probability Opportunities | Price Bars and Chart Patterns (check at Amazon)||0.0|
|Love in the Time of Rising Gas Prices: A Romantic Spoof (check at Amazon)||0.0|
|Energy and EV Secrets: How the volt, plug-in hybrids, electric cars and e-bikes can save energy and cut your gas prices $7 (check at Amazon)||5.0|
|The Truth Behind Gas Prices (check at Amazon)||0.0|
|Mills & Boon : The Highest Price To Pay (check at Amazon)||0.0|
|Harlequin Desire December 2012 - Bundle 2 of 2: A Golden Betrayal\The Sheikh's Destiny\Becoming Dante (The Highest Bidder) (check at Amazon)||0.0|
|Clear Film Canisters; 15 Pack. These Are The Best Sealing Lids You Will Find. GREAT PRICE. Buy now and SAVE! (check at Amazon)||0.0|
|The Democrats Think High Gas Prices Are a Good Thing - Drill Here, Drill Now Bumper Sticker (check at Amazon)||0.0|
Thanksgiving gas prices are the highest since 2012 have 1219 words, post on edition.cnn.com at November 24, 2021. This is cached page on USA Breaking News. If you want remove this page, please contact us.