Will drivers pay more at the pump this Thanksgiving?

By Energy FOXBusiness

Gas prices remaining higher

Former Shell Oil president John Hofmeister on when consumers should expect a price drop in gasoline.

According to the American Automobile Association’s (AAA) annual forecast, approximately 50.9 million Americans will travel 50 miles or more this Thanksgiving, the largest amount since 2005. Of those travelers, 89% will reach their destination by automobile.

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Drivers may have noticed that gasoline prices spiked in the first part of November, and with demand expected to climb, there is reason to be concerned about even higher prices. However, according to analysts, this increase in holiday travel won’t necessarily translate to higher prices at the pump.

Gas prices are currently sitting around a three-year high after surging during the first 13 days of November.

“Compared to the first half of November last year, gas prices this November are on average 39 cents more expensive,” said Jeanette Casselano, AAA spokesperson. “However, while November gas prices have come in like a lion, AAA expects them to go out like a lamb.”

Gasoline prices saw some support two weeks ago after the U.S. Energy Information Administration (EIA) reported a draw in gasoline stocks. The EIA’s latest report released on Wednesday showed an unexpected increase in gasoline inventories – and that could be behind the slight pullback in prices.

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Patrick DeHaan, head of Petroleum Analysis at GasBuddy.com, told FOX Business that he is “not expecting a spike heading into Thanksgiving. The national average has drifted slightly lower and it’s looking like motorists in most areas will see a slight downward trend just in time for the holiday.”

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Gasoline prices were supported earlier in the fall after hurricanes Harvey and Irma took some refineries offline.