Gas Prices Dip Ahead of Thanksgiving Travel Time

Gas Prices Dip Ahead of Thanksgiving Travel Time

LITTLE ROCK — Gas-Buddy is recommending motorists hold off on filling their tanks for now thanks to the large, 7 percent single- day drop in the price of crude oil, which extended the record streak of 12 days that oil has moved lower.

The national average has already shed 24 cents per gallon in the last month alone with some states seeing even bigger monthly declines: Michigan is down 33 cents, while Delaware, Iowa, Indiana and Kentucky are all down 32 cents on average versus a month ago.

Today's drop in oil prices will extend the decline in gas prices for perhaps several more weeks in nearly all states, at a time of year millions of Americans are preparing to hit the road. Most states could see a decline of 5-15 cents per gallon ahead of Thanksgiving, with more to come.

'Today's market plunge was astounding and a dramatic turnaround in market psyche in the last month. A 26 percent drop in the price of oil is absolutely shocking given the environment and concern ahead of the Iran sanctions that the oil market was not supplied with enough oil,' said Patrick DeHaan, head of petroleum analysis at Gas-Buddy. 'Motorists need not be in a hurry to fill their tanks. Today's sell-off will extend and accelerate the declines seen at the pump, just in time for Thanksgiving. The best tip I can suggest is to shop around for the lowest prices as some stations will pass on the savings faster than others.' ***

Cost of a Thanksgiving

Dinner Dips

LITTLE ROCK — Diners can give thanks that the price of this year’s Thanksgiving Day meal has gone down.

The average cost of this year’s feast for 10 is $49.12, a 75-cent decrease compared with last year’s average of $49.87, according to Arkansas Farm Bureau’s 32nd annual price survey.

The turkey centerpiece decreased by 2 cents per pound. That means a 16pound turkey that feeds 10 people with plenty of leftovers will set you back $22.38 — a 36-cent-perpound savings compared with last year.

John Newton, Farm Bureau director of market intelligence, said “Even as America’s family farmers and ranchers continue to face economic challenges, they remain committed to providing a safe, abundant and affordable food supply for consumers at Thanksgiving and throughout the year.”