Gasoline prices continue to tick down, and more experts have commented that this should help improve mediocre gross domestic product (GDP) growth in the United States. CNN Money offered a story that said this about gas prices and the economy:
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.
"To put that into context, it is roughly the same size as the sequestration spending cuts that took effect at the start of last month," researchers at Capital Economics wrote in a recent note. As a result, economic growth "might not be as bad as we had initially feared."
AAA Fuel Gauge numbers show that the price of a gallon of regular gas nationwide was $3.505 yesterday, compared with $3.650 a month ago and $3.830 a year ago. The price of premium based on the national average is down to $3.841 from a year-ago price of $4.108. In several states, a gallon of regular has dropped below $3.30.
Filed under: 24/7 Wall St. Wire, Economy, Oil & Gas Tagged: featured