Low gas prices could bump holiday sales and travel as consumers find more money in their pockets to spend.
As the price of crude oil trends towards lows not seen since 2010, gasoline prices keep pace with a downward trajectory, easing the strain on consumer pockets. In fact, every penny gas prices drop saves Americans about $3.7 million, says the National Association of Convenience Stores.
Retailers hope this savings will mean more money spent on consumer goods over the holidays. With crude oil now below $80 a barrel, gas prices have dropped for 53 consecutive days, the longest streak since 2008.
Recently in Corpus Christi, the average gas price was $2.67 a gallon for regular, which is 18 cents under the national average, at $2.85. The lowest price per gallon in Corpus Christi was listed at $2.51 per gallon of regular gasoline by a smartphone app designed to find the best buys in town.
Cheaper gas prices means more travelers on the road for the upcoming Thanksgiving holidays, says AAA Texas. A nonprofit member service organization dedicated to drivers, AAA predicts that 3.6 million Texans will travel 50 miles or more from home Thanksgiving weekend. That's an increase of about 5 percent from the 2013 holiday season.
Oil-producing countries meeting in Venice, Italy, next week are expected to slow production of crude to push global oil prices back up. Until then, enjoy the savings!
