Gas prices at 3-year low for Thanksgiving travel

Gas prices are at their lowest point in three years as travelers head into the Thanksgiving weekend, according to an Energy Department report.

The agency’s Energy Information Administration said on Wednesday that gasoline prices are down 14 cents from a year ago and at their lowest level heading into the holiday weekend since 2010.

{mosads}A drop in crude oil costs are a major factor behind the decrease, the agency said.

Thanksgiving weekend is the most heavily traveled time of the year in the U.S. AAA estimates that 38 million people will travel more than 50 miles by automobile for the holiday.

The average annual price for a gallon of regular gasoline is estimated at $3.50 and the average for 2014 is expected to be $3.39.