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.