TRENTON, NJ – U.S. gasoline prices have reached their lowest point since January, with analysts predicting they could fall below $3 per gallon by Christmas for the first time since 2021. This decline is anticipated to elevate consumer confidence during the holiday season.
New York, New Jersey and Pennsylvania remain well above the national average.
As of Tuesday, the national average for a gallon of gasoline was $3.23, marking a 15% decrease since mid-September, according to AAA data. This reduction in fuel prices is providing American consumers relief from ongoing inflation, allowing for increased discretionary spending.
According to GasBuddy.com, the average price for gas in New Jersey is $3.26; in New York, $3.48; in Delaware, $3.09; in Pennsylvania, $3.51; and in Maryland, $3.19
Macey Ropes, owner of a tie-dye clothing store in Lafayette, Indiana, shared how the decrease in gas prices has positively impacted her business and personal finances.
“Gas prices being down this year has allowed me to invest more into my small business than I could last year,” she said.
Additionally, the lower fuel costs have enabled Ropes to allocate funds for personal shopping and travel during the holiday season.