The gas price for this year’s Thanksgiving was, on average, $1.193 higher than when President Joe Biden assumed office on Jan. 20, 2021, indicating an increase of nearly 50 percent over a period of 22 months.
The national regular gasoline price from GasBuddy, as of Nov. 24, was $3.586, compared to $2.393 when Biden was inaugurated as the 46th president of the United States. Since then, gas prices have been on an upward swing, and reached a peak in June 2022, before lowering to the current levels owing to lower demand.
Gas prices have come down from $3.793 a month ago, but still remain considerably elevated. A year ago, it was $3.398, which is lower by over 5.5 percent. This year’s price is the highest Thanksgiving national average since AAA started keeping records in 2000.
Biden touched on fuel prices in the lead-up to Thanksgiving with remarks made on Nov. 23.
“I want to address another challenge that families are facing and the one that I think they’re most focused on right now: high gas prices,” Biden said. “This is a problem not just here in the United States, but around the world.”
He added, “Of course, it’s always painful when gas pices [sic]—gas prices spike.
“Today, the price of gas in America, on average, is $3.40 a gallon; in California, it’s much higher. The impact is real.”
Biden blamed the high prices on “oil-producing countries and large companies” which had not “ramped up the supply of oil quickly enough to meet the demand. And the smaller supply means higher prices globally—globally—for oil.”
Biden also announced that he will be releasing oil again from the U.S. Strategic Petroleum Reserve for the purpose of reducing prices, although this strategy has had minimal effects on prices in the past, and has recently been called illegal by an energy insider over its political implications and possible irreversible damage to the nation.
High Gas Prices
Andrew Gross, AAA spokesperson, said that the national average gas price has fallen since the June peak of nearly $5.02, “but this Thanksgiving will be about 20 cents higher than a year ago, and a dollar more per gallon than a pre-pandemic 2019. However, we can be thankful that gas prices are moving in the right direction for now.”
The highest recorded average was registered in June when regular unleaded fuel was selling at $5.016 and diesel at $5.816.
Gas demand declined from 9.01 million b/d to 8.74 million b/d last week based on EIA data, while total domestic gasoline stocks rose by nearly 2.2 million bbl to 207.9 million bbl.
Prices are touted to come down further as supply has increased, fewer people are fueling up, and demand remains low. The possibility that the United States might slip into a recession has strengthened with key economic indexes remaining in the red in October.
State Gas Prices
As for states, California recorded $5.113 on Nov. 24, an increase of over 42 percent from the national average. Only Hawaii surpassed the state’s price with $5.192 for a gallon. Western coastal states recorded the biggest numbers with Washington at $4.571, and Oregon at $4.518.
The gas price in Alaska was at $4.426, Idaho at $4.139, Nevada at $4.742, Arizona at $4.120, and Utah at $3.943.
The lowest state gas price was recorded in Texas with $2.930 per gallon. Following Texas are Georgia and Mississippi both with $3.068. Then comes Arkansas with $3.079, Oklahoma at $3.113, Louisiana at $3.117, Tennessee at $3.150, Alabama at $3.166, Missouri $3.167, South Carolina $3.170, and Kansas with $3.210.