Economists: Drivers get 'psychological boost' when gas prices fa - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Economists: Drivers get 'psychological boost' when gas prices fall

Gas prices continue to fall around the Heartland. Gas prices continue to fall around the Heartland.
CAPE GIRARDEAU, MO (KFVS) -

The price of gas continues to fall across the country.

The average price as of Monday is below $3 in 17 states. Missouri, Arkansas and Tennessee are among them.

In Missouri, the average price is $2.82.

However, drivers can find gas as cheap as $2.55 in places like Festus.

Drivers said they enjoy when it falls.

"I just feel like if I see gas prices drop a couple of cents I feel like I automatically need to pull in and get some gas right then," Cole McBroom said.

McBroom is always watching the price of gas.

"I couldn't even tell you the price of a gallon of milk or the price of a carton of eggs or anything," McBroom said. "But I can always tell you the price of a gallon of gas."

Drivers tend to have a similar frame of mind.

Rebecca Summary, an economics professor at Southeast Missouri State University said when the prices drop, it gives people an economic boost.

Summary said people tend to pay more attention to the price of gas than any other commodity.

"People are very concerned and involved when it comes to gas prices," Summary said. "And there are apps that you can go on on your phone and find where the lowest gas price is. You don't find apps for other things like that. So it's kind of interesting that people are so obsessed with gas prices."

Summary said gas prices don't typically have much of an impact on a person's wallet.

"The average household spends maybe 2 or 3 percent of their income on gasoline, maybe as much as 4 percent but the impact is maybe a little smaller than people think," Summary said.

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