Will falling gas prices impact consumers?

Drivers in New Jersey continue to get a break at the pump as gas prices continue to fall. But will falling gas prices have an impact on consumer goods as well?

"I see this as a perfect blue sky as opposed to a perfect storm. We're seeing lower prices across the petroleum molecule. It's true for gasoline, it's true for diesel fuel, it's true for heating oil and it's true for jet fuel," said Tom Kloza, chief oil analyst at GasBuddy.com.

Fewer dollars being spent at the pump translates into more money people have to spend in other areas, according to Kloza.  "I wouldn't be surprised if October is a good month for travel and road trips. I think restaurants and other retail establishments will see a little bit of a lift as well."

Kloza is predicting that it will be a hospitable fall when it comes to energy prices, since prices for home heating oil are also on the decline.

It could also translate into cheaper food costs. "Almost all of the food and other goods that are moved across the country go by 18-wheeler and prices for diesel are falling almost as rapidly as the prices for gasoline," Kloza said.

But lower gas prices will not necessarily mean people will spend more on holiday shopping. Coming off of the recession, people are still cost conscious and are watching everything they spend.

The trucking industry is also enjoying the break on fuel.

"It's keeping some people who probably wouldn't be in business still in business because the number two expense you have in the trucking industry is your fuel," said Gail Toth, executive director of the New Jersey Motor Truck Association. "This is the first time in a number of years that we've seen diesel fuel not only much lower, but for a sustained period of time."

While it is costing less right now to gas up the big rigs, expenses are on the rise in other areas in the trucking industry. There is a major driver shortage which is costing companies more to hire and keep qualified help. It is also much more expensive to operate and maintain the trucks.

"It's a blessing that the fuel prices are going down, but the equipment we have to use for compliance and safety are much more expensive than they used to be. Labor is going up as well, so the lower fuel prices basically are balancing things out," Toth said.