Analysis: Gas prices expected to hit highest seasonal level ever

Published: Nov. 21, 2022 at 6:10 AM EST
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BURLINGTON, Vt. (WCAX) - According to petroleum analyzers with GasBuddy, prices at the pump are expected to reach the highest seasonal cost for the Thanksgiving holiday.

Patrick De Haan, the head of petroleum analysis, says the national average will be $3.68 on Thanksgiving Day. That’s nearly 30 cents higher than last year and more than 20 cents higher than the previous record set in 2012. But that won’t deter people from hitting the road.

De Haan says there are some things you can do to get the best price.

“You can certainly drive a little more fuel efficiently, slowing down a couple miles an hour actually goes a long way to reducing how much you have to fill up. That is, it makes your vehicle more fuel efficient, something like going 60 or 65, instead of 75 or faster, it can increase your fuel efficiency 5 to 10%, reducing your effective cost per mile,” he said.

De Haan also blames the high costs on Russia’s war in Ukraine, supply demand and continued fallout from the pandemic.

“COVID has caused the shutdown, and in some cases the permanent shutdowns of refining capacity, for that reason we have about a million barrels per day less in refining capacity, that’s about 5% of our total. Whereas COVID also hit refiners overseas, so there’s less ability to refine that crude oil in things like gas, and diesel and jet fuel,” De Haan said.

GasBuddy suggests keeping an eye on prices if you’re crossing state lines. Right now the average cost of gas in Vermont is about $3.91, but experts say that number is expected to go down after the holiday.