Business Report: Lower gas prices, Southwest Airlines, health insurance

The national average price of gas is projected to drop 50 cents per gallon in 2023

Rhonda Schaffler, Business Correspondent | December 29, 2022 | Business Report, Business

Gas prices are projected to fall further in the new year, according to an outlook released by GasBuddy, a company that tracks fuel prices. GasBuddy projects that the yearly national average price of gas in 2023 will drop by nearly 50 cents per gallon from this year’s average. Current gas prices in New Jersey are averaging just over $3.25 a gallon. GasBuddy predicts the average household will spend just under $2,500 on gasoline next year — about $250 less than this year’s spending.

The nightmare could soon be ending for passengers of Southwest Airlines. After canceling more than 2,300 additional flights Thursday — including about two dozen at Philadelphia International Airport — the embattled airline said it plans to return to normal operations with minimal disruptions on Friday. Earlier this week, Southwest Airlines CEO Bob Jordan put out a video apologizing for the flight cancellations and saying the airline needs to make changes.

“Clearly we need to double down on our already existing plans to upgrade systems for these extreme circumstances so that we never again face what’s happening right now,” he said.  Southwest has pledged to offer full ticket refunds and said it will cover travel expenses for stranded passengers.

Close to 300,000 New Jersey residents have signed up for a 2023 health insurance plan at Get Covered New Jersey, the state’s official health insurance marketplace. The state says total sign-ups have increased compared to the same time last year. The enrollment period opened on Nov. 1 and runs through the end of January. Both the state and federal government have contributed funds to provide financial help to many who sign up, which lowers monthly premiums.

WATCH 2:36
WATCH 2:40