While we can all be happy gas prices have been dropping, some experts fear the relief won't last. abc15
"I'm not tickled pink, but I'm happier it's less than what it was," said Glen Smith, a private transportation driver."If gasoline prices come down, that can help offset some of the increases in the foodstuff prices," said Brian Marks, professor at the University of New Haven Pompea College of Business.As inflation data shows price increases stabilizing month-to-month but still sky-high year-over-year, Americans are looking for any way to save money.
The lowest price tag is in Texas, where lower gas taxes and access to oil are keeping prices at a cool $3.49.Other more minor factors, like suspending gas taxes and releasing oil from strategic reserves, have helped, but minimally. And, the relief might not stick. A destructive storm is raising concern because it could disrupt oil production and knock supply and demand off balance once again."I worry about geopolitical risk of probably about as much as I worry about anything with respect to the outlook for the U.S. and global economies, because we've had a demonstrated time and time again just how interconnected we are," Hamrick said.
"There for a while, every two days I put $50 of gas in my car, and I'm not working that much," Smith said."It's $12 to run from the airport to drop off in the city, $12 a trip!"
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