Gasoline prices in the U.S. this Thanksgiving weekend have dropped to the second-lowest level in the last eight years, according to the country's Energy Information Administration (EIA) Wednesday.
As of Nov. 21, the retail price for regular-grade gasoline in the U.S. averaged $2.16 per gallon (3.78 liters) just before Thanksgiving weekend starting Thursday.
"This is the second-lowest gasoline price since 2008, when the national regular gasoline price averaged $1.89 per gallon on the Monday prior to Thanksgiving," the EIA said.
The lowest gasoline price since 2008 before Thanksgiving was seen last year at $2.09 per gallon.
Around 48.7 million people are estimated to travel at least 50 miles (80.5 kilometers) this Thanksgiving weekend, according to the American Automobile Association (AAA). This is one million more travelers compared to 2015, and the highest number since 2007.
"Of the 48.7 million total travelers, AAA expects that 43.5 million of them will drive, an increase of 1.5 million over last year," the EIA added.
Gasoline prices across the U.S. differ based on tax, fuel specifications, and supply and demand in regional markets. Prices range from as low as $1.88 per gallon in oil-rich Houston in Texas, to $2.76 per gallon in Los Angeles, California where taxes and demand are high but supply deliveries take longer from refineries.
Crude production in the U.S. remains steady at around 8.7 million barrels per day as American producers have shown resilience against and have adapted to low crude prices.
The EIA expects that both crude oil and gasoline prices will continue to decrease in the next months, adding that it forecasts "average gasoline prices reaching a low of $1.97 per gallon in January 2017."
By Ovunc Kutlu in New York
Anadolu Agency
ovunc.kutlu@aa.com.tr