Economy's Silver Lining: Lower Gas Prices

Falling oil prices make life easier at the pump
By Neal Colgrass,  Newser Staff
Posted Jun 2, 2012 2:03 PM CDT
Motorists drive beneath a sign advertising a $3.08 price for regular unleaded gasoline at a North Little Rock, Ark, Thursday, May 31, 2012.   (AP Photo/Danny Johnston)
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(Newser) – One bright spot amid the latest economic news: Gas prices are falling nationwide, and fell below $2.99 at two gas stations yesterday, the AP reports. Not all consumers will be so lucky, but plunging oil prices have lowered pump gas by an average of 30 cents a gallon in most areas of the US. The new average is $3.61, and experts say it will keep falling over the coming weeks.

Whether it helps pick up the economy is another question. Lower gas prices could give consumers greater confidence, says one expert, but that may fade if hiring doesn't improve and stock markets don't pick up. "If you don't have a job, it doesn't matter if gasoline prices are $5 or $2 a gallon," he said. (See whether high gas prices were ever really President Obama's fault.)

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