The US Thanksgiving travel peak is approaching, while the national gasoline prices are near the lowest level in four years. According to AAA data, the average price of gasoline across the country on Monday was $3.07 per gallon, slightly higher than the same period last year, but has been below the Thanksgiving levels before and after the pandemic for two consecutive years. A total of 28 states had an average gasoline price below $3, with the lowest in Oklahoma at $2.50 per gallon. Some gas stations in Texas and Oklahoma even approached $2 per gallon. AAA estimates that nearly 82 million people will travel at least 50 miles during the holiday. The drop in oil prices is mainly due to the decline in international crude oil prices and the end of the refinery maintenance season. Brent crude has fallen about 17% since June, to about $63.40 per barrel; as refineries resume operations, supply increases, and demand decreases after entering autumn, putting further downward pressure on oil prices. Even though demand temporarily rises during the Thanksgiving week, overall demand remains low, helping to keep oil prices down. State differences remain obvious: California's average gasoline price is as high as $4.60, and states such as Oregon and Alaska also exceed $3.50. Analysts expect that as supply continues to rise and winter demand slows further, gasoline prices may fall below $3 per gallon before Christmas.
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