Gas Prices Continue to Drop Ahead of Thanksgiving Holiday

By Jeremy Coumbes on November 20, 2023 at 12:24pm

AAA is reporting today that Illinois gas prices have decreased 7 cents from one week ago.

Today’s state average for a regular gallon of gas is $3.48. The price of gas is 17 cents less than a month ago and 54 cents less than this time last year.

AAA spokesperson Molly Hart says “The good news is drivers this Thanksgiving can expect cheaper gas prices, and while there could be some fluctuations in the coming weeks, AAA expects gas prices to remain low through the holidays, unless oil prices suddenly spike.”

Locally, the average price of a gallon of gas in Jacksonville sits at $3.22 and remains the cheapest place to buy gas in the listening area. Elsewhere the price swings from between $3.28 in Brown County to $3.46 in Cass as of Monday morning.

According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.49 to 8.95 million barrels a day last week. The EIA’s estimate for demand is unusually high for early November, but when the EIA releases monthly demand data in a few weeks, it could be revised.

Meanwhile, total domestic gasoline stocks decreased by 1.5 million barrels to 215.7 million barrels.

Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If gas demand and the cost of oil remain low, drivers can expect further pump prices to drop ahead of Thanksgiving.