Travelers, give thanks: Gas prices fall for the holiday

Gasoline prices are finally edging downward as the effects of Hurricane Harvey and other disruptions begin to wear off, providing some relief for motorists for the Thanksgiving travel season.

Although gas prices on the holiday are still likely to be the highest in three years, it’s tough not to be thankful, given the supply turmoil.

And because the travel organization AAA projects the busiest Thanksgiving travel season since 2005, it’s also impeccable timing for gas prices to be falling.

Consumer information app GasBuddy projects a national average price of $2.53 for the holiday, marking the highest point since 2014’s $2.79

yet still far below 2012’s all-time high of $3.44.

Prices have fallen by 3 cents from a week ago, according to GasBuddy and AAA.

GasBuddy petroleum analyst Patrick DeHaan said gasoline supplies finally were recovering after Hurricane Harvey battered refineries along the Texas Gulf Coast, forcing dozens to temporarily shut down. The Midwest was especially hard-hit.

“Wholesale prices in the Great Lakes have come down a significant amount,” which should lead to sharp retail price cuts, he said.

It’s not all rosy news, however. A year ago, prices averaged $2.13, according to AAA. And DeHaan said last year’s slew of gas stations selling fuel for less than $2 has dried up.

In any event, drivers are not fazed by the year-over-year increase. An estimated 50.9 million Americans will travel 50 miles or more to get to their destinations over the four-day weekend, the most since 2005, according to AAA.

That marks a 3.3% jump from 2016, representing about 1.6 million additional travelers.

“A strong economy and labor market are generating rising incomes and higher consumer confidence, fueling a strong year for the travel industry, which will continue into the holiday season,” said Bill Sutherland, a senior vice president for AAA.

Average prices have increased from last year, but almost

60 million Americans still plan to travel

50 miles or more over the four-day weekend.