NEW YORK — The good news for Thanksgiving travelers: the price of gas is at five-year lows. The bad news: a lot more people will be on the road.

During the long holiday weekend, 46.3 million Americans are expected to go 50 miles or more from home, the highest number since 2007, according to travel agency and car lobbying 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 high point reached in 2007, just before the recession.

Like on every other holiday, the overwhelming majority of travelers — almost 90 percent — will be driving.

The numbers on the gas station signs will be much kinder this year. AAA says the average retail price for gasoline is $2.85 per gallon, 43 cents cheaper than Thanksgiving Day last year. With the average car getting 18.5 miles per gallon, that means a family driving 300 miles will save $6.97 in fuel this holiday.

Those flying won’t be so lucky.

Average airfares are $307.52, up 1.1 from last year, according to the Airlines Reporting Corp., which processes ticket transactions for airlines and travel agencies.