Gasoline may have fallen to $2.923 for an average gallon of regular nationwide, down from $3.219, but a better measure of how far the price has fallen is that it has dropped below $3 in 25 of the 50 states. If many economists are correct, the plunge should help boost gross domestic product just as the holidays begin and consumers flock to stores and malls. There is expected to be a 4.1% increase in revenue across the industry, according to the National Retail Federation. Consumers, in theory, have more discretionary income as gas prices fall.
Source: Thinkstock
According to GasBuddy, the 25 states are:
South Carolina       $2.668
Tennessee            2.695
Mississippi            2.706
Texas                 2.728
Virginia               2.728
Missouri              2.748
Alabama              2.750
New Jersey           2.762
Louisiana             2.766
Arkansas             2.774
New Mexico          2.782
Oklahoma            2.818
Georgia               2.836
Arizona               2.844
North Carolina       2.851
Delaware             2.853
Kansas               2.855
Indiana               2.891
Minnesota           2.899
Florida               2.905
Maryland            2.912
Kentucky            2.918
Ohio                 2.943
New Hampshire     2.958
Wisconsin           2.965
In New York, where the average price of a gallon of regular is $3.286, the holidays may not come at all.
The drop in gas prices may well begin to level off. GasBuddy said:
Another week, another decline: the national average posted another drop in the last week, according to GasBuddy data, giving up 5.1c/gal, falling to $2.916/gallon this morning.
“Another week, another big decline in the national average,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “But we’re nearing the point where the decreases are likely to slow unless oil prices continue to tumble from their current levels.”
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