Falling gas prices may boost the U.S. economy

Falling gas prices may boost the U.S. economy

Los Angeles Times | December 10, 2014 | by ANDREW KHOURI AND SARAH PARVINI

Because they’re spending less at the pump, Americans are expected to shell out more on holiday gifts, parties and travel this year. Airlines are projected to pass some of their fuel savings along to consumers next year. Businesses with previously hefty fuel bills may find room now to lower prices or increase wages. “It’s a big plus for the economy,” said Mark Zandi, chief economist at Moody’s Analytics. If gas prices stay low, Zandi estimated that U.S. consumers could find an extra $100 billion in their wallets next year compared with this year. “It could make the difference between a good year and a great year.”

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