Gas prices this Thanksgiving are at 5-year lows; airfare and hotel prices continue to climb

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NEW YORK — There is good news for Thanksgiving travelers: the price of gas is at five-year lows.

The bad news: a lot more people will be driving.

During the holiday weekend, 46.3 million Americans are expected to go 50 miles or more from home, the highest number since 2007, according to car group AAA. That would be a 4.2 percent increase over last year. While promising for the travel industry, the figure is still 8.5 percent short of the 50.6 million reached in 2007, just before the recession.

The overwhelming majority of travelers — almost 90 percent — will be driving.

AAA says the average retail price for gasoline is $2.85 per gallon, 43 cents cheaper than Thanksgiving Day last year. That means a family driving 300 miles will save $6.97.

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