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More than 102 million Americans hit the road during the recent holiday season, and low gas prices were surely a welcome relief that helped make road trips more affordable.
Gas prices hit a yearly peak of about $3-per-gallon back in May but continued to fall through the end of the year, hitting $2.36 on New Year’s Eve.
Drivers - Beneficiaries - Gas - Prices - People
Drivers are the most obvious beneficiaries of these low gas prices, but many people tend to forget the broader impact rates have on our economy and notably the small businesses that are responsible for much of the country’s economic advancement.
The economy works like a well-oiled engine with many moving gears and cogs that function in symphony. And the fuel that powers our cars, semis, planes and other transportation systems is the oil that keeps the engine running smoothly. In some ways, the price of fuel influences the economy just as much as variables like interest rates or the performance of financial markets.
Business - Owner - Effects - Fuel - Prices
As a small business owner, I understand firsthand the effects of fuel prices. Due to the company’s savings from low gas prices, I was able to give one of my team members a bonus.
America’s middle class is benefiting from the low gas prices. Last month, it was reported that in some areas of the country, people are saving $6 on a 15-gallon fill-up. These savings quickly add up. Over the course of a year, that’s an extra $312 in savings for the driver who fills up once a week—and $624 for those who fill up twice a week.
Business - Owners - Fluctuations - Price - Transportation
For business owners, slight fluctuations significantly impact the price of transportation. Price hikes can make it more difficult to meet budget goals, while price troughs can do just the opposite, spurring business investment and other benefits—including higher wages and employee bonuses.
I’m not alone in this thought.
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