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$3 Gas Fuels Retail Worries

Posted Nov 6, 07 8:02 AM CST in US,  Business 

(Newser) – Gasoline prices topped $3 a gallon for the first time since mid-July, prompting worries about a consumer pullback as the US heads into the holiday shopping season and cold weather increases energy demands, reports USA Today. It’s the first time gas prices, up 80 cents from a year ago and 24 cents in a month, have reached $3 in November.

Retailers worry gas prices could dampen holiday spending along with housing and credit market woes. "If it sticks, it's going to be more and more of a force," said analyst James Paulsen. Retailers project a 4% holiday sales growth, down from 4.6% last year. AAA said 23 states reported prices at or above $3 yesterday. The US average was $3.004.

Source USA Today

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Oil Prices Rise As Winter Approaches   (Getty Images)
Allison Quadrini pumps gas at a Mobil station in Albany, N.Y., Wednesday, Oct. 17, 2007. Gas prices hit $3 in November for the first time ever. (AP Photo/Mike Groll)   (Associated Press)
High gas prices are posted at a Chevron gas station in Redwood City, Calif., Friday, Nov. 2, 2007. (AP Photo/Paul Sakuma)   (Associated Press)
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