Gas price low
Thanksgiving drivers are seeing the lowest pump prices for the holiday weekend since 2010, even as gasoline prices edged up this week, the Energy Information Administration said Wednesday.
The national average for regular gasoline was $3.29, 14 cents lower than this time a year ago. AAA estimates more than 38 million people will travel more than 50 miles from home this weekend.
In Oklahoma, the average Wednesday was $3, up 6 cents from a week ago. The price was $3.16 a year ago, according to AAA Oklahoma.
“The last time our state average was above $3 was on Nov. 4,” said Chuck Mai, spokesman for AAA Oklahoma. “Even so, Oklahoma has the second-lowest gas price in the nation.”
Oklahoma's 2013 average peaked in May at $3.92 before falling until July. It then rose slightly in August and started falling sharply after Labor Day.
Much of the decline in gas prices can be traced to lower crude prices, the Energy Information Administration said. Spot prices for Brent crude oil dropped by $4.66 per barrel from Sept. 3 to Nov. 25; West Texas Intermediate crude oil fell by $14.81 per barrel over the same period.
National gasoline prices are expected to average $3.24 for the fourth quarter of 2013 before rising to an average of $3.33 in the first quarter of 2014, the administration's short-term energy outlook said.