There’s some good news for the 67% of folks who will travel 200 miles or more for Thanksgiving this year.
According to a report from gasbuddy.com, gas prices on Thanksgiving will drop to their lowest point since 2004, to an absurd $1.99 per gallon. At this time last year, the price was $2.81 per gallon.
The same report states that nearly 60% of U.S. gas stations are currently selling gas for less than $2 per gallon, and prices are still falling in many parts of the country.
The lowest prices in the Midwest at the moment are Indiana ($1.803), Ohio ($1.804) and Missouri ($1.860).
So what’s the reason behind the price drop?
According to USA Today, the global energy industry is facing a huge surplus in oil production, leading many oil companies to shed thousands of jobs and slash investment plans. However, U.S. producers have continued pumping oil even as the Organization of the Petroleum Exporting Countries (OPEC) has kept production at a high rate, which has lowered prices.
