Iowa Gas Prices Could Be 50 Cents Lower Than Last Thanksgiving

We've been hit pretty hard by inflation over the past several years. But this Thanksgiving holiday, at least it feels good to see the price of gas trending lower. In fact, Iowa holiday travelers could be paying the lowest price for gas in nearly two years.

KWWL reports that the average price of gas in Iowa has fallen nearly 10 cents in the past week for a statewide average of $2.96 per gallon, according to GasBuddy. But check this out. Compared to one month ago, Iowa gas prices are down over 35 cents. And compared to last year at Thanksgiving? Iowa gas prices are down over 44 cents per gallon! GasBuddy reports that the cheapest gas in the state is being sold at $2.53 per gallon. I filled up earlier this week at under $2.70 per gallon.

The lower prices at the pump are being felt across the nation. The national average sits at $3.27 per gallon, according to KWWL. That is down 25 cents from last month, and down 37 cents from one year ago. CNBC reports that gas prices have fallen for nine weeks in a row, the longest downward streak since the summer of 2022. One expert predicts that Americans will spend $1.2 billion less on gas this Thanksgiving holiday.

CNBC reports that gas prices could continue to slide for another two weeks. However, a November 26th OPEC meeting looms large. If OPEC decides to cut production, prices will probably level out for the winter.