Gas Prices Chugging Higher As Holidays Near

NEW YORK -- Gasoline prices are the highest they've been all year, averaging $2.70 a gallon.

That could turn out to have an effect on consumer spending as the holidays approach, with billions of dollars that could go to books, clothes and Barbie dolls instead being spent at the pump.

Rising gas prices add bad news to an already fragile economy and make it less likely that people will spend their way out of the recession.

Tom Kloza, chief oil analyst at Oil Price Information Service, says even if prices average $2.50 per gallon during the November to January period, Americans will pay an extra $26.6 billion for gas.

Wendy Liebmann, who monitors shopping habits through her company, WSL Strategic Retail, says people make a "clear emotional connection" between the price of gas and how much they spend on other things.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Biker Location: Greenville on Oct 31, 2009 at 04:58 PM
    Keep the prices high and going higher and maybe people will start to realize how quickly they're selling our children's future to other countries. Then they'll changing zoning rules, require sidewalks, and bike lanes. My bike gets an infinite number of miles to the gallon, helps me stay healthy, does not pollute our air, takes up little to no space, does not require any expensive parking lots, and it is all made in the US of A. Can any of the gas guzzle, oil addict drivers say they same?
  • by Cactus Location: Strabane on Oct 31, 2009 at 02:45 PM
    And obama said, Bush caused this. Nancy and Reid jumped up, clapped and said YES,YES. Rangle wanted to know where his share was.
  • by T Location: Washington on Oct 31, 2009 at 12:22 PM
    Not to many comments.What is there to comment about, except this really SUCKS!!!
  • by Enos on Oct 31, 2009 at 12:10 PM
    Oh yea What are the politicians DOING? RUNNING THIS ECONOMY IN THE GROUND AGAIN. WAKE UP PEOPLE. VOTE SOMEONE NEW AND INDEPENDANT!!!!
  • by Me Location: NC on Oct 31, 2009 at 10:29 AM
    Seems like we, the American People, should be able to sue for price gaughing. Huh?
  • by S Location: ENC on Oct 31, 2009 at 09:51 AM
    I'm so sick of being gouged & ripped off by greedy oil companies!! The next vehicle I get will be the most economical one on the road...These oil company execs should be ashamed of themselves for what they are doing to people; however, I am sure they could care less...and instead of some of the useless things the government does,why don't they put a stop to price gouging by greedy oil execs...I don't know which makes me sicker, oil execs or politicians.
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