How Falling Gas Prices Could Help the Economy

I was recently driving to work and heard on the radio about gas prices in New Jersey falling to $2.99 per gallon of regular. Yes, that’s right, gas prices starting with a “2“! I was so happy to hear the story but I was quickly disappointed to realize it was just a passing comment at the end of the business report. I guess it’s hard to compete with a looming U.S. default or some other negative news that has taken priority.

Anyway, it is good news! According to AAA.com, the National Average Price for regular is $3.34 per gallon (as of 10/14/13) and it was $3.79 a year ago. I typically fill up once a week and need about 15 gallons each time. That’s a savings of about $6.75 per week, and at that rate, more than $330 a year to spend on something else!

National Average Gas Prices - AAA

Source: www.fuelgaugereport.aaa.com

Here are a few things that you could buy for about $300 or less:

The list goes on and on and hopefully everyone feels a little less ‘pinched’ with the lower gasoline prices. It should also go a long way to help airlines, delivery companies, and any part of the economy that requires some form of travel in their business. So celebrate the good times while you can!

How Falling Gas Prices Could Help the Economy appeared on http://rodgers-associates.com/blog/

About the author

Michael Helveston, CFP®, CRPC®

Mike Helveston, CFP®, CRPC® is Director of Adviser Services at Rodgers & Associates. He manages the team of advisers and is responsible for maintaining the firm’s financial planning process. In addition, he provides comprehensive tax, estate and investment planning advice to guide our high-net-worth clients toward their financial goals. Mike joined Rodgers & Associates in 2007 after starting in the profession over 15 years ago with Vanguard.

Mike is a contributor to Forbes, has been quoted in the Wall Street Journal and has also appeared on television and radio discussing various financial planning issues.

Mike has served the community as a volunteer mortgage counselor with Tabor Community Services, a student financial literacy volunteer for Junior Achievement and as a mentor through Bridge of Hope. His hobbies include running, golfing with friends, listening to music and watching professional sports. He resides in Downingtown, PA with his wife and three children.

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