Gas Prices Continue to Fall

November 17, 2008

I was in New Jersey this weekend and was amazed to see gas prices at $1.89 a gallon! Sometimes reality doesn’t set in until you venture outside of the Big Apple because at the Mobile Station on the corner of the West Side Highway and Canal Street in NY, a gallon is still selling at $3.10.

The national average is $2.087 a gallon, down 50 percent from summer highs - 16 states have average gas prices below $2 a gallon.

With everyone crying about a global recession and retail sales seeing a record decline, the fall in gas prices is a silver lining. Although gas station receipts will a take a hit, lower prices at the pump will free up money for Americans to spend on basic necessities and holiday purchases. In no way will it single-handedly turn the economy around, but it will help in other ways such as reducing heating bills going into the winter season.

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