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Drivers are finally getting some relief at the pump. The national average gas price has dropped below $4 a gallon for the first time in months, with prices falling in 47 states as oil markets react to developments in U.S.-Iran negotiations.
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Following the Thanksgiving holiday, the average national price for gasoline is at $2.12, two cents more than a week ago, but still down 46 cents from last year.
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This Thanksgiving’s national gas price average is shaping up to be the lowest since 2015 at $2.10.
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Despite the weekly increase, gas prices remain cheap both compared to last month and last year.
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The national gas price average pushed a penny cheaper on the week to $2.11 following an increase in gasoline stocks and a dip in demand.
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The largest fleet operating expense is fuel, which traditionally represents approximately 60% of all operating costs. However, the decreased miles driven by fleets during the pandemic was the No. 1 factor contributing to keeping fuel costs flat in 2020.
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National average gas prices declined to $2.12 as crude oil prices have continued to decrease amid mounting concerns about the increase in global coronavirus cases and the reinstatement of lockdown policies in some countries.
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The rebound in automotive sales of 31% in the third-quarter of 2020 is led by growth in pickup trucks and SUVs, categories with the most advanced, fuel-efficient diesel options, notes the Diesel Technology Forum.
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National average gas prices dropped to $2.16 as decreases in U.S. gasoline demand, supply and imports pushed the national and 44 state gas price averages cheaper on the week.
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Fuel price trends were unhindered by Hurricane Delta, which made landfall in southwestern Louisiana as a category 2 hurricane.
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That average is the same as a week ago, four cents cheaper than the start of this past September and nearly 50 cents cheaper than last year.
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