Energy

T. Boone Pickens: ‘Cut OPEC out’

0

oilmoneyA gallon of regular now costs $2.64 on average, according to AAA. In some places, it’sfallen below $2 a gallon.

The dramatic drop in the price at the pump is giving a big boost to the U.S. economy. It’s akin to a tax cut or stimulus program, economists say.

Every penny that gas prices decline puts about a billion dollars into Americans’ pockets, according to Stephen Stanley, Chief Economist of Amherst Pierpont.

Gas prices were 62 cents higher this time last year, so the U.S. is basically getting a $62 billion stimulus injection. To put it another way, each household is saving roughly $500. That’s money people can use to buy other things or to save.

 

Sign up for our FREE newsletter!

Sign up to receive daily updates, political news, action letters and additional messages from Conservative Republican News

View our Privacy Policy

Join our FREE Newsletter!