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Falling gas prices may boost economy

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#1 Hum

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Posted 24 April 2013 - 15:36

NEW YORK (CNNMoney) -- The sharp drop in gas prices over the last month or so could provide America's economy with a much-needed jolt, putting money into consumers' pockets just as the impact of federal spending cuts reverberates through the economy.

In fact, some economists believe they could balance each other out nearly dollar for dollar.

Gasoline prices have fallen some 30 cents a gallon since hitting a high of nearly $3.80 a gallon earlier this year. The drop is mostly due to declining oil prices.

If the gas price drop continues -- and many expect it will -- prices could slip below $3.40 a gallon by summer, according to the research firm Capital Economics.

If prices stay that low, the savings for drivers over the course of a year could top $80 billion. That's $80 billion to spend on other things like clothes, electronics or entertainment.

"Gasoline prices have been declining this spring, and the national average price is lower today than it was at the same time last year," Gary Thayer, an economist at Wells Fargo, wrote in a note last week. "Consequently, consumer sentiment and consumer spending are likely to improve in the months ahead."

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#2 PiNoYz

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Posted 24 April 2013 - 15:43

Sorry, the gas prices in Chicago just shot up like a rocket a few days ago! Over $4.25 in my area!

#3 Dane

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Posted 24 April 2013 - 15:54

They said over the winter gas could have dropped into the $2 dollar range. It didnt. It went up. They don't know.

#4 OP Hum

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Posted 24 April 2013 - 15:57

The government should take over all USA oil, then eliminate all taxes. :happy:

#5 JohnV

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Posted 24 April 2013 - 16:56

Sorry, the gas prices in Chicago just shot up like a rocket a few days ago! Over $4.25 in my area!


Shot up like a rocket... I would be over the moon if here was so cheap gas. This is still less than half the price of for example Finland´s or many other European countries gas price. You guys get it cheap.. Stop complaining.. :D

#6 Growled

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Posted 25 April 2013 - 01:34

Bought gas today for $3.29. Let it drop. As for the economy, of course it will help.

#7 ACTIONpack

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Posted 25 April 2013 - 01:54

Georgia gas jump from 3.22 to 3.42 in 4 days. Fing gad market skewing the market prices.

#8 vetneufuse

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Posted 25 April 2013 - 01:58

Gas in western PA has dropped 40 cents in the past few weeks

Shot up like a rocket... I would be over the moon if here was so cheap gas. This is still less than half the price of for example Finland´s or many other European countries gas price. You guys get it cheap.. Stop complaining.. :D


and Venezuela gets it extremely cheap... price is relative just like cost of living...

#9 PiNoYz

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Posted 25 April 2013 - 02:16

I will never stop complaining until gas is back to $1 a gallon. Haha! :D I know that will never happen again.

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#10 webeagle12

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Posted 25 April 2013 - 02:54

I stopped reading at "economists believe"

#11 +SOOPRcow

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Posted 25 April 2013 - 03:12

Incidentally the last time oil prices dropped sharply was when the economy crashed... so there is that to think about.

#12 OP Hum

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Posted 25 April 2013 - 13:18

Bought gas today for $3.29. Let it drop. As for the economy, of course it will help.


An extra trip to the fast food joints, eh ? :p

#13 Ph1b3r0pt1c

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Posted 25 April 2013 - 13:33

This is what I dont understand. I live in Kentuckty, western to be exact, and i have 5 towns around me, with the major one directory to the north about 15 miles. I live in a little town with two gas stations, they both fight with each other, and this week one was exactly 1 cent higher @ 3.57 per gallon. In the major city near me, gas was 3.30 per gallon. To the west of me at 5 different stations, it was 3.20 per gallon, and to the south of me it was 3.12 per gallon. I should also mention that 4 of these stations are all owned by the same company. All they are doing is shafting people. At KY lake, where I have a house at also, gas was 2.97 last week, while it was closer to 4$ near me. This is stupid.

#14 OP Hum

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Posted 25 April 2013 - 13:36

^ Break out the K-Y jelly ... :p

#15 Astra.Xtreme

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Posted 25 April 2013 - 13:48

Gas has shot up here also in the past week. I think it's up to $3.90/gal.
Regardless, unless it goes down to $3/gal, it's not going to make a big impact on anything.

If people really want to save easy money, stop buying junk food or going out to eat for a while.