Driving to and from work every day, you have probably noticed the price of gas coming down. Here in South Carolina, we enjoy some of the lowest prices in the US, but I still see the pattern. This past summer, prices were up around $3.40 (which made my drive to Ohio pretty dang expensive!) Today, it’s $2.62.
So, let’s just say gas is now 75 cents less per gallon. And, lets say that you – the American consumer who drives 65% of the economy – are saving about $300 a year now. What do you plan to do with that extra scratch? Marketwatch.com has a suggestion:
American’s spend about 4% of their income on gas for their cars. The drop in price for each tank pumps up the spending power of most consumers, already adding billions of dollars in unexpected spending power ahead of the holiday spending season.
So, have you noticed the gas prices going down? Has it put you in a better mood? In a mood to spend more for the holidays? Let us know over at the MindField Online Facebook page, and have a great weekend!