Gas Crunch Easing, But for How Long?
by Jeff Davis
Well, looky looky. There may actually be some good news for a change. Gas prices have finally dropped significantly. Is this going to be some long overdue relief for American consumers or just a cheap pre-election trick? How long will it be before that drunken moron in the White House fouls it all up for us?!
According to Yahoo News, “Consumer confidence zoomed to a seven-month high as lower gasoline prices made people feel a lot better about the current economic climate and their own financial standing. That marked an improvement from August, when consumer confidence sank to a three-month low of 74.8. At that time, the toll of soaring energy prices was blamed for weighing on consumers’ psyches. The recent drop in energy prices, however, provided people with some relief and propelled confidence to its best reading since February…. ‘The drop in pump prices is very visible to consumers and seems to have a huge impact… Consumers seem to view gasoline prices as a barometer to their overall well being.’” Two-thirds of the US economy depends on consumer spending so lower gas prices mean more consumer activity for everything else. (more…)