Thanksgiving gas prices highest since 2012

President Joe Biden says he will release emergency oil reserves to help with high gas prices.
Published: Nov. 24, 2021 at 10:17 AM CST
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(CNN) - Many of the 48 million Americans taking road trips for Thanksgiving are in for sticker shock when filling up the tank.

Gas prices are 62 percent higher than they were at this time last year.

As of Monday, the average price for a gallon of gas in the U.S. was $3.40.

It may not be fair to compare prices to last year, since we were in the height of the COVID-19 pandemic then.

But a gallon of gas is also 32 percent higher than two years ago, before COVID hit.

Prices rose an average of a $1.13 last month from the previous October.

That’s the largest year-over-year increase since gas prices record-keeping began in 1990.

It’s also the most expensive it’s been on a Thanksgiving weekend since 2012.

President Joe Biden pledged to release 50 million barrels of oil from the strategic reserves in an attempt to undermine OPEC and bring prices down.

He warned it wouldn’t be a fast fix, and many analysts say it’s unlikely to help much, since nations in the OPEC-oil cartel are controlling output.

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