Gas prices in the US just hit a 129-week low, with the average gallon of gas in the US costing $3.13, a price not seen since July 1, 2021.
The price of gas peaked in 2022, climbing to a record-breaking national average of roughly $5 a gallon in mid-June 2022, with Californian residents having to pay an average of $6.43.
And while gas prices trended downward for the rest of 2022, prices looked to increase again in 2023. While they didn’t see the highs of 2022, gas did hit an average of $3.87 for the month of September — well above the $3.01 average since 2018.
Luckily, respite is here. Gas prices have been consistently falling since the summer, down roughly 20% from their peak of $3.90 on September 14, 2023.
But while prices are falling almost precipitously, the general public’s concern over gas prices isn’t.
When asked to rank their concern about various coats, respondents to Finder’s Consumer Confidence Index rated their concern highest for gas prices, with 86% expressing at least some concern.
And while student loans might be getting a lot of media attention after payments resumed in October, fewer than half the people concerned about the price of gas said they were also worried about the cost of college (42%).
In fact, concern over the price of gas remains fairly consistent and is only down two percentage points since October 2022. In that time, the price of gas fell 25% from $3.92 on October 13, 2022, to the $3.13 it sits at today.
Just 9% of those surveyed said they were not concerned about the price of gas, versus 25% who expressed extreme concern. The only other expenses with as extreme of a concern were groceries and energy.
While the worrying isn’t good, the positive news is that gas prices are way down just in time for the holiday season. Gas prices in places like Colorado fell 32% since their peak earlier in the year. This leaves more money for people to spend on loved ones this holiday season, whether for the holidays this year or putting it aside in a holiday-specific savings account, sometimes called a Christmas club account or Christmas savings account, to get ready for Christmas 2024.
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