The average price consumers paid for regular gasoline was $ 3.40 per gallon on Monday, according to a new report
of the government. This is the highest price on the Monday before Thanksgiving since 2012, the US Energy Information Administration said on Wednesday.
The price of gas before Thanksgiving this year is 62% higher than the same point last year, although far fewer Americans were traveling then due to Covid concerns. More than 48 million people are expected to travel by road for Thanksgiving this year, 8% more than a year ago, according to AAA
Yet gas prices are 32% higher than at the same time in 2019, before the outbreak of the pandemic.
Gas prices soared in October by $ 1.13 per gallon, the largest year-over-year increase since the EIA began collecting these numbers in 1990.
All of this explains why President Joe Biden on Tuesday launched an international intervention in energy markets. Biden pledged to release 50 million barrels of the Strategic Oil Reserve, the largest such release in the history of the United States, and other countries including China, Japan and India , have also undertaken to release reserves.
Rumors of the SPR release have already helped cool gas prices, which have stabilized over the past week. However, analysts are skeptical that the intervention will live up to the hype by drastically lowering gas prices. Even Biden conceded that it wouldn’t solve the problem of high gas prices overnight.
West Coast drivers face the highest gas prices, averaging around $ 4.19 per gallon, according to the EIA. The cheapest retail prices are found along the Gulf Coast, where the average is just over $ 3 per gallon.
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