Gas prices have tumbled 30% from their record high in July and are poised to fall further. But economists say that cheaper gas won't be enough to revive a struggling economy.
No one doubts that lower prices are putting extra dollars back into consumers' pockets. With the average price of gas costing about $2.86 a gallon, or $1.25 a gallon less nationwide than it did at the peak in July, that translates into nearly $500 million a day in savings on gas purchases.
One of the few bright spots in the economy these days is at the gas pump!
The average U.S. car or light truck uses 600 gallons of gas a year, or about 12 gallons a week. So even if gas prices fall another 25 cents from current levels, that only works out to a little less than $20 in savings a week for a typical American consumer.
AAA Texas on Thursday reported the national average price for gasoline tumbled 26 cents, reaching $2.82 per gallon. Association spokeswoman Sarah Schimmer says if the trends continue, gas prices nationwide could be as low as $2.50 per gallon before Thanksgiving.
Think I will finally plan that long awaited now affordable road trip for the long Thanksgiving weekend!