Dec 22, 2014 6:25 PM
Gas prices drop below the $2.00 mark in a handful of U.S.cities. Here in New Hampshire they're not quite that low - hovering at about $2.50 a gallon.
Why so low? It's simply supply verses demand. We're producing more and using less, and despite the glut OPEC hasn't slowed its production this time like it has in the past.
There's no arguing that these lower prices are long overdue, but there could be a downside to it all. Some energy economists say lower pump prices can undo a lot of the progress made in green technology. They say people are more likely to forget about gas efficiency when shopping for vehicles.
Is our memory really that short-sided? Well, apparently it is. Sales of so-called gas guzzlers have climbed recently. Trucks sales had their highest months in September and October since 2005. Autotrader.com says interest in Hummers on its site jumped 11% last month. Meanwhile, sales of alternative fuel vehicles were down 7.2% last month.
And then there are some economists who claim lower gas prices could actually drain your 401-k. Oil prices have fallen 25% since June. Energy stocks are a big part of the global economy - meaning they could easily be tied to funds in your retirement portfolio.
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