Consumers could pay 50 cents less per gallon by Thanksgiving

by: Jason Stoogenke Updated:

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CHARLOTTE, N.C. - Experts say gas prices are dropping.

A tracking company says you could pay 50 cents less per gallon by Thanksgiving.

So WSOC wanted to know how much that really affects you. If the average family has two vehicles, the average vehicle gets 21.5 miles per gallon, and the average driver goes 12,000 miles per year, that family will save $580 per year.

Driver Larry Howard said, "That is a lot compared to what we've been paying."

Another driver said, "I'll believe it when I see it."

UNCC economist John Connaughton says part of it is typical fall price drop. He estimates that'll mean an extra $140 billion in drivers' pockets. And, if they have that money and consumer confidence, expect them to spend more on holiday gifts, which would be good for retailers.