U.S. pump watcher GasBuddy said the price for a gallon of gas ended its long decline Tuesday, one day before the official start to the holiday travel season.
The retail price watcher reports a national average price of $2.807, up just one half of one cent from the average price Monday. According to GasBuddy, any change in price of plus or minus 0.5 cent is considered stable.
Patrick DeHaan, a senior petroleum analyst for the site, said in a Monday statement the assumption that gasoline prices go up automatically in advance of a travel holiday like Thanksgiving is a "widely-held misconception."
Motor club AAA reports a national retail average price Tuesday for a gallon of regular unleaded gasoline of $2.812, down 1 tenth of 1 cent from Monday's average.
By AAA's calculations, the average price Tuesday is the lowest it's been since Nov. 4, 2010. For the upcoming Thanksgiving holiday, AAA travelers will pay the lowest since 2009, when the price that Thanksgiving Day was $2.63.
The low price at the pump means consumers are expected to spend more on retail items during the upcoming holiday, though fuel still accounts for the bulk of holiday travel expenses.
Year-on-year, AAA said the price for a gallon of gasoline is lower by a quarter in 41 of the 50 U.S. states.
AAA explains the price at the pump is a reflection of global oil prices, which are trading in a bear market because of the increase in U.S. oil production and low demand elsewhere in the world.
