Posted: 3:12 pm MST November 1,
2009Updated: 4:19 pm MST November 1,
2009
EL PASO, Texas -- At an average of $2.70 a gallon nationwide, gas prices are at the highest they've been in all of 2009.Gas prices in El Paso are very close to the national average, at $2.68 a gallon for regular unleaded on Sunday. That's up from $2.33 a gallon just one month ago.Some experts said the rise in gas price may have an effect on consumer spending for the holidays, and could be bad news to a fragile economy. Some worry it will make it less likely that people will spend their way out of the recession.One oil analyst, Tom Kloza, said even if prices drop to an average of $2.50 a gallon between November and January, Americans will end up paying an extra $26.6 billion just on gas.Wendy Liebmann, a retail expert, said people make a "clear emotional connection" between the price of gas and how much they spend on other things.
Copyright 2009 by KFOXTV.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Which companies received money from the Troubled Asset Relief Program, or TARP? And which companies have begun to repay the government? Find out with our interactive graph. Full Story ››
In Bored Room: Are you looking to save a few bucks this spring? Instead of heading to the shopping mall, consider searching for items at yard sales, garage sales and flea markets instead. Full Story ›› Plus: Where Are 'Rhoda' Stars Today?
Gas Prices Up As Holiday Season Nears
Posted: 3:12 pm MST November 1, 2009Updated: 4:19 pm MST November 1, 2009
Copyright 2009 by KFOXTV.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.