Thanksgiving gas is the priciest in 36 years of EIA data: $4.15 a gallon, 36% above last year

Drivers heading home for Thanksgiving on November 26 will pay more for gas than in any Thanksgiving week the government has recorded since 1990. The U.S. Energy Information Administration's weekly series for regular gasoline put the national average at $4.153 a gallon on November 2, the latest reading published (release date November 3).

That is a six-week slide from $4.465 on September 28 (down 7.0%) and below the $4.500 high of May 11. It is still 35.7% above the $3.061 EIA recorded in Thanksgiving week 2025.

The number behind the number

We checked the EIA history for the Monday of Thanksgiving week in each of the 36 years from 1990 to 2025. The highest was $3.648 in 2022 (November 21), followed by $3.429 in 2012 and $3.395 in 2021. Even if prices fall another 50 cents before the holiday, they would be at roughly $3.65, level with the old high. Two caveats: these are nominal dollars, not adjusted for inflation, and EIA's survey average differs from the AAA figure many outlets quote, so the two will not match to the penny. A Yahoo Finance headline on the scoop board says Thanksgiving gas is on track for a record; we could not read that article, so the comparison here rests on EIA's own data.

Source: EIA weekly retail gasoline prices, regular grade, U.S. average.

What a car trip costs now

Take a 600-mile round trip in a car that gets 25 miles per gallon. That is 24 gallons. At the November 2 price, fuel costs $99.67 (24 x $4.153). At Thanksgiving week 2025's $3.061 it was $73.46, so the same drive costs $26.21 more. A 1,200-mile round trip, 48 gallons, is $199.34 against $146.93: $52.41 more. For a family of four in one car, that is still usually cheaper than four plane tickets, though the gap is narrower than last year. Diesel is worse: EIA put on-highway diesel at $6.292 on November 2, which matters for anyone renting a truck or an RV.

Why pump prices may keep easing

Crude and wholesale gasoline have dropped faster than the pump. Oil fell about 3% on Monday to a one-month low, with December WTI near $88 (our oil report). Our chart of RBOB gasoline futures, the wholesale benchmark, shows it 28.1% below its May 18 peak as of Monday, against a pump price down only 7.7% from its May high. Retail prices usually follow wholesale with a lag, so more relief before the holiday is plausible. It is not guaranteed: the oil move rests on the president's remarks about Iran, and the same headlines can reverse it.

What to do

• Driving: prices are falling, so there is little reason to fill up early. Fill when the tank needs it, and do not make a special trip to chase a few cents.
• Flying: airfares have also been running high (see our fare-tracking guide), and TSA screenings ran 4.1% below last year in the week to November 5, a sign that some travelers are cutting trips. If you still need a ticket, price your route now and set a fare alert rather than waiting for the holiday week.
• Renting a vehicle: ask whether the fuel policy is prepaid or return-full; at these prices, prepaying is only worth it if you will bring the car back nearly empty.

The market view

Lower oil helped travel stocks on Monday. CNBC's market movers blog reported Carnival up about 4% and Royal Caribbean and Norwegian each up more than 3% as oil fell. Fuel is a large cost for cruise lines and airlines, which is why they trade on the oil headline.

Sources: U.S. Energy Information Administration (weekly retail gasoline and diesel prices, release of Nov. 3, 2026); CNBC; Yahoo Finance (RBOB futures data, chart); earlier Chronicle reporting. Trip costs are Chronicle arithmetic at an assumed 25 mpg, using national averages; your price and mileage will differ. This is market information, not investment advice.