CINCINNATI — Gas prices have fallen to their lowest prices of the year in many areas across the country, with some regions seeing levels not experienced since the peak of the pandemic five years ago.
Around Cincinnati this week, gas prices fell below $3 for regular unleaded, providing welcome relief for drivers like Raquelle Jackson, who says the savings are already helping with holiday shopping preparations.
"Anything helps right now — a little bit helps, goes a long way," Jackson said.
While $2.87 prices in Norwood represent a good deal, some areas are seeing even lower costs.
Stations in Bethel and Amelia are offering gas for $2.61, while some locations in Hamilton and Fairfield have dropped as low as $2.50.
Watch as viewers react to falling gas prices and how they could help:
Becky Cook is also counting her savings from the price drop.
"We drive around a lot, so it's nice to be able to pay less when we do fill up," Cook said.
When asked if the lower prices would help people during the holiday season, Cook was optimistic.
"Yes, I already know it's going to help us," Cook said.
With Black Friday shopping just a month away, a report from investment firm Raymond James indicates that rising or falling gas prices tend to impact consumer confidence. The firm says this year's falling pump prices "should provide a boost to consumer spending."
Patrick DeHaan of GasBuddy agrees that gas prices serve as a key economic indicator for Americans.
"Gasoline prices are one of the key economic barometers that Americans use. If prices are high, they feel oppressed. If they decline or they are low, their sentiment or how they feel about the economy drastically improves," DeHaan said.
Analysts credit several factors for the October price plunge:
- Decreased demand for gasoline in the fall, with summer driving season over
- Positive developments regarding the Israel-Gaza conflict
- Seasonal switch to cheaper winter gas formulations
The falling prices suggest that predictions of a consumer slowdown this fall may be premature, thanks to this unexpected relief at the gas pump.
However, analysts warn that prices could quickly reverse course. A flare-up in the Middle East or a refinery fire in the U.S. could send prices back up.
For now, consumers are encouraged to enjoy the savings and maybe take that weekend fall road trip. That way, you don't waste your money.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
"Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").
Follow John:
- Facebook: John Matarese Money
- Instagram: @johnmataresemoney
- X/Twitter: @JohnMatarese
Follow Taylor:
- Facebook: Taylor Nimmo
- Instagram: @tnimms
- X/Twitter: @tnimms
For more consumer news and money-saving advice, go to www.dontwasteyourmoney.com
