Benefits of low gas prices spread far beyond the gas pump - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Benefits of low gas prices spread far beyond the gas pump

HERRIN, IL (KFVS) - For each penny drop in the national average price of gas represents $1 billion in savings for American consumers.

That's according to CNN.

Gas prices have fallen to a record low this month.

In some states, drivers are paying less than $2 a gallon and the benefits are spreading far beyond the gas pump.

At FDL Flowers and gifts in Herrin, the prep for Christmas has arrived.

"It is constant everyday movement."

Business is at its peak during the holidays, but that isn't the reason Kyle Brooks is filled with holiday cheer.

Instead, he is enjoying the relief from gas prices that have been through the roof all year long.

"I'm able to lower my delivery fees, even eliminate my delivery fees for local orders so that it saves the customer money, saves me money," Brooks said. "I've been seeing gas prices going down, oil prices going down, it is good holiday savings."

Gas prices are way down, from almost $4 in Illinois earlier this year to an average of $2.27 statewide on Thursday.

The financial picture for the nation is much bigger.

"Europe and perhaps even China have been slowing down economically," said Kevin Sylwester, associate professor of economics at Southern Illinois University. "When their economies aren't doing so well, people aren't spending as much and they are not buy as much gasoline. So, the fall and demand also keeps prices low."

Sylwester says the few dollars saved now adds up, but the savings won't stick around forever.

"It is not going to propel the economy rapidly forward and turns a bad economy into a good economy."

This is why Brooks knows this year's deals might not return next year.

"We don't constantly change on a daily basis, but we assess the situation."

AAA estimates gas prices could drop another 15 to 20 cents before the end of the year.

Visit Gasbody.com for a list of gas prices in your region.

Copyright 2014 KFVS. All rights reserved.  
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