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November 25, 2015

Thanksgiving gas prices expected to be lowest since 2008

Gas is less than $2 per gallon in over half the stations in the U.S.

The best Black Friday deal this Thanksgiving may be on gas.

AAA has reported that prices at the pump this holiday weekend will be the lowest since 2008. More than half the stations in the U.S. are already selling gas at less than $2 per gallon.

The average price of gas on Wednesday was $1.96 in New Jersey, $2.29 in Pennsylvania and $2.08 in Delaware. In comparison, the national average was $2.06.

Overall, prices are down around 75 cents per gallon compared to the same date last year.

Factors leading to the low prices include the strengthening U.S. dollar (which discourages overseas investment in American crude), slow economic growth in China (leading to lower demand) and, finally, an oversupply of oil from countries like Russia and Saudi Arabia.