drop in gasoline prices since 2014 will save the average
U.S. household $700 in 2015, according to a new report.
what are people doing with the money they once forked
over for fuel?
an eyebrow if they claim to be socking it away in
savings or paying down debt, says the JPMorgan Chase
reality, they’re probably using most of the savings
from lower fuel prices to buy other goods and services,
said the institute, which created samples of 25 million
credit and debit card users and 1 million regular Chase
notable winner in a world of declining gas prices: the
restaurant industry, says the megabank’s think tank.
every dollar less spent at the gas pump, individuals
spent roughly 80 cents on other things," the
institute’s report said. "Almost 20 percent of
the gas savings were spent at restaurants, but
department stores, entertainment and electronics and
appliances also saw significant gains."
in the South and Midwest spent more on gas and saw
bigger increases in disposable income when gas prices
fell relative to those on the East and West coasts, the
boost to consumer spending could be here to stay and
even strengthen with time if gas prices remain low or
continue to decrease as predicted," the institute
concluded. "On the other hand, a substantial
increase in gas prices might proportionately dampen