Oct 14, 2024
INDIANAPOLIS — It's still fall break for some families, but experts say it’s time to look ahead to holiday travel season. On the roads, there is a chance to save big as the national average price for a gallon of gas may dip below $3 for the first time since 2021. “It’s a happy surprise,” said Amy Mohl, a local driver. “It’s awesome because we drive to Chicago every holiday season, so that's going to help us out a lot.” Travel experts are already predicting that tens of millions of people will hit the roads for the Thanksgiving holiday. Last year, nearly 50 million people traveled for Thanksgiving, according to Triple AAA, and that figure doesn't include those that got to and from their destinations by plane. This year, more people may choose to hit the road for the holidays because it might be a little less expensive to do so. “GasBuddy had anticipated that the national average had a good shot of falling under $3 a gallon for Thanksgiving and Christmas,” said Patrick De Haan, the head of Petroleum Analysis with GasBuddy. De Haan went on to say there are a few reasons why those prices may be going down as we approach the end of the year. “Gas prices tend to be lower in the fall and winter simply because Americans drive less," De Haan said. "We made the switch to cheaper winter gasoline, and this year, a slowdown in the economy is also boosting our chances of seeing lower demand, thus lower prices." Gas prices sliding below $3 a gallon isn't guaranteed, however, as the ongoing conflict in the Middle East could cause prices to fluctuate. “The outlook is rather good, but I will point out the Middle East can have an impact on the price of gasoline,” De Haan said. “Iran’s attack on Israel a little less than a week ago caused the cost of oil to jump nearly $10 a barrel, so if there is activity in the Middle East, if there are escalations in the Middle East, that could negatively affect our chance for subzero $3 gas for the holidays.” For those planning to fly this holiday season, the Hopper travel app recommends booking now for the week of Thanksgiving and by the end of the month for Christmas travel. Hopper reported that booking early can help consumers find the best deals and beat last-minute holiday planning that causes prices to rise. The most important thing is to plan early and to plan several weeks ahead. The hope is Hoosiers can score some good travel deals this holiday season both on the road and in the skies. De Haan said there are a few other ways to save while on the roads too. “No matter where you are travelling for the holidays," De Haan said, "make sure you are checking those lower prices because many times down the road they could be 10 to 30 cents a gallon higher or lower than what you are seeing nearby." De Haan said it’s also a good idea to download cost-saving apps like GasBuddy to save a few extra cents at the pump. There are also a variety of reward programs at different gas stations across the state to save too.
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