PHOENIX — As many prepare to hit the road next week for the Thanksgiving holiday, gas prices have continued to plummet in Arizona and across the country.
According to AAA as of Wednesday, November 15, Arizona's average for a gallon of regular unleaded gas is about $3.72.
That's higher than the national average by about 37 cents.
But, our state's average is down 10 cents from a week ago, 60 cents from a month ago, and 50 cents from this time last year.
Some experts said higher inventories of oil worldwide have helped keep crude prices in check.
Across the country, we're seeing prices for gas we haven't seen in a long while.
Texas was at about $2.74 a gallon this week, and nine other states are also under $3 a gallon.
President Biden has also tapped the U.S. oil reserves.
Looking down the road, the Federal Energy Information Administration forecasts gas use to go down by about one percent next year, which might hold down pump prices as well.
The reasoning behind it was credited to more people continuing to work from home, improving gas mileage with vehicles, and inflation.
But for the near future as we head into the holiday season, GasBuddy Head of Petroleum Analysis Patrick De Haan said this current drop is also a seasonal trend.
"Gasoline demand is falling. Some of that is seasonal, as temperatures get colder. But part of that maybe also, as the economy is slowing a touch here in the last couple of months, inflation is slowing," said De Haan. "That's something that will likely continue, and not only that, but oil prices have fallen in the last three weeks."
Experts are also closely watching the war between Israel and Hamas to see how that could influence oil countries in the Middle East, which would, in turn, impact U.S. prices at the pump.
