By Thomas Catenacci
Daily Caller News Foundation
The average price of gasoline nationwide hit its highest Thanksgiving …
By Thomas Catenacci Daily Caller News Foundation The average price of gasoline nationwide hit its highest Thanksgiving week level since 2012, the Energy Information Administration (EIA) said. On Monday, Americans paid an average of $3.40 per gallon, a more than 60% increase compared to Thanksgiving week last year, according to the EIA. The cost of gasoline has been most affected by rising crude oil prices as demand for energy continues to outpace supply worldwide, the agency said. “Higher crude oil prices, more demand for gasoline, and lower gasoline inventories are contributing to higher gasoline prices,” the EIA report stated. “Crude oil prices are the primary determiner of U.S. gasoline prices, and the crude oil price made up 57% of the total cost to produce a gallon of gasoline in October 2021,” it continued.
