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(128,630 posts)
Tue Nov 28, 2023, 06:02 PM Nov 2023

Gas prices drop more than 60 days in a row [View all]

Source: CNN Business

Published 6:54 AM EST, Tue November 28, 2023

New York CNN — In a gift to American shoppers this holiday season, gasoline prices have dropped for 61 consecutive days after getting dangerously close to $4 a gallon in September. The average price for a gallon of regular gas stood at $3.25 a gallon on Tuesday, according to AAA. That’s down five cents from a week ago and 26 cents from a month ago.

Gas prices have now fallen every day since the peak on September 18, AAA data shows. The streak is a victory for consumers, saving them extra cash just in time for the crucial holiday shopping season.

Americans are particularly sensitive to shifts in prices at the pump as they are highly visible and largely unavoidable. “Gasoline prices are so in-your-face. This is a clear tailwind for consumer spending,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service.

Millions of Americans hitting the road on Thanksgiving Day were greeted by the cheapest gas price for the holiday since 2020, when many people couldn’t take advantage of them because of Covid-19.

Read more: https://www.cnn.com/2023/11/28/economy/gas-prices-drop-consumer-spending/index.html

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