Americans are saving big when it comes to gas prices, butGasBuddy.com chief oil analyst Tom Kloza told CNBC he doesn't think that will necessarily translate into a huge boost in consumer spending.
With the national average price of gas at $3.10 a gallon Monday, consumers are spending about $100 million less a day compared with last month and last year, he said.
Those lower prices will change spending habits "a little bit" for October, but "maybe not so much for November," Kloza said in an interview with "Power Lunch."
That's because gas prices always drop in the fall, and the year-on-year comparisons will become less dramatic in November.
However, things could look up for holiday spending if prices continue to fall.
"If we get below $3 in a lot of markets … it really could create kind of a warm little glow for the holidays. And let's hope it does that," Kloza said.
Gas prices have benefited from the recent slump in U.S. crude, but the real winners have been diesel fuel, jet fuel and home heating oil, he added.
"If you heat your home in the Northeast, you might have paid something like $3,700, $4,000 last year. You're looking at maybe saving $500, $600, $700 this year. That's real savings," he said.
—CNBC's Uptin Saiidi contributed to this report.