Thanksgiving travelers face higher gas prices
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ALBUQUERQUE, N.M. — It’s going to cost a lot more to get out of town for Thanksgiving. According to GasBuddy, prices at the pump are 63% higher than this time last year.
The average New Mexico driver was paying just under $2 per gallon for Thanksgiving last year. Now, the average price is sitting at $3.37.
Patrick De Haan, the head of petroleum analysis for GasBuddy, said all of this boils down to a supply and demand issue.
"Oil demand is up, but oil production has not followed significantly enough to derail the rise of price," he said.
However, he did share some tips to save money:
- Keep an eye on prices near the state line, where gas taxes are likely to change
- Sign up for a gas station loyalty program that will knock off a few cents per gallon
- Simply slow down when you’re driving – setting your cruise 5 to 10 mph slower can boost fuel efficiency by 10 to 20% depending on the car
Despite popular belief, the annual surge in Thanksgiving travelers does not really affect gas prices, because many are also staying home. GasBuddy is also predicting prices will drop in the next two weeks.