Gas prices fall below $3 per gallon in more than half of US states to kick off Thanksgiving holiday

Core Insights - Gasoline prices are decreasing as the Thanksgiving travel weekend begins, with the national average slightly above $3 per gallon, while over half of US states have prices below this mark, and some stations offering prices as low as $1.99 [1][2][3] Price Trends - The national average gasoline price was $3.05 per gallon on Tuesday, remaining stable compared to the same time last year [1][4] - Coastal states like California and Washington have prices exceeding $4 per gallon, while more than 28 states, primarily in the Midwest and Gulf Coast, report averages below $3 per gallon [2] Factors Influencing Prices - Seasonal demand reduction, cheaper winter blends, and declining oil prices are expected to exert continued downward pressure on gasoline costs [2] - Crude oil prices have been on a downward trend, with Brent and West Texas Intermediate (WTI) futures declining by over 2% amid ongoing peace negotiations between Ukraine and Russia [5] Future Expectations - Analysts predict that gasoline prices may remain at or below $3 per gallon for the remainder of the year, with the potential for some of the lowest prices seen in the last four years [3][4] - The current period is considered the most challenging for US gasoline prices this season, with crude liquidation linked to the Ukraine/Russia peace initiative [5]