U.S. Gas Prices Plunge Ahead of Thanksgiving, OPEC Plus Meeting Postponed

Lower prices at the pump expected to ease inflation rate as millions of Americans prepare for holiday travel.

U.S. gas prices have dropped to their lowest level since January, with the national average price for a gallon of regular gasoline on Wednesday at $3.28, about 6 cents less than a week earlier and 27 cents less than a month ago.
The primary reason for lower gasoline prices is the recent weakness of oil prices, which have fallen by more than $15 a barrel, or nearly 20 percent, since early September.
Diesel prices have also eased, by about 23 cents a gallon over the last month and more than $1 a gallon in the last year, which should help reduce food prices as diesel is the primary fuel for agriculture and heavy transport.
The drop in oil prices accelerated as reports emerged that the planned meeting of OPEC Plus, a group of 23 oil-producing countries led by Saudi Arabia, had been postponed from the weekend until next Thursday.
AAA has predicted that more than 49 million Americans will drive to holiday destinations in the coming days, an increase of 1.7 percent from last year.