Philly area ties highest gas price of '09

November 9, 2009 9:08:45 AM PST
The average price for a gallon of gas in the five county Philadelphia region hit $2.74 on Monday, tied for the highest average in Pennsylvania so far in 2009.

VIDEO: Nydia Han's latest Consumer Wrap report

That's according to a spokeswoman from AAA, who added the last time it was at this price was on June 20.

Prices are much lower in South Jersey, where it's $2.53. Delaware's average is $2.63.

The national average is at $2.69.

RELATED LINK: Check the gas prices in your area

These prices 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.

The Associated Press contributed to this report

More money-related links:

Load Comments