aaa reports the national average stands at $2.19 for a gallon of regular unleaded. and to think we paid more than 5 bucks last summer out in the hamptons. wow! that s down $1.13 from a year ago on average nationally. analysts predict drivers will save about $97 billion overall this year due to those lower gas prices. that s about 750 bucks a household. john bussey is executive business editor and assistant managing editor for the wall street journal newspaper. who d have thought? who d have thought, and that s a lot of money per household. you can read this one of two ways great for the economy, because the consumer s going to be happier about having the extra money to spend, and you re seeing this reflected in consumer sentiment polls, consumer sentiment, and confidence is up over the last several weeks. or you could say, hey, wait a second, oil dropping this much so fast, how about that camp that says this is a reflection of slowing economic growth around the world, and that s
losses that we re seeing. it s a worry for trades because we haven t seen this type of volatile markets over the course of the past four or five years. reminds a lot of people there are down markets to be had and just one idea what we could see. let me go back to oil for a second. what the low price of oil people see in the united states gas aaa announced 2.19 a gallon. that feels like good news. why does the dow drop. it is good news. good news for the consumer. gasoline prices are about $1.10, $1.12 lower than they were a year ago. that translates in to a huge boom for consumers. they can save a lot of money. that s a short term fix, though. because consumers can do that for a while but what happens when the companies that churn out this oil or have these jobs that pay these people start to maybe feel a little bit of that pressure? does that hurt job growth going forward?
the main reason crude oil. it fell below $50 a barrel for the first time in five years. cheap oil should be a good thing, right? it s good news for american drivers who continue to be greeted by those lower and lower gas prices. in fact, the national average today is now $2.19 a gallon according to aaa. but low prices can come with a double edged sword. cnn s rachel crane has more on why cheap oil and global markets don t always mix well. reporter: the price of oil has plunged, falling to the lowest level since the 2009 economic crisis. but this isn t just about money lost in trading pits or saved at the gas pump. oil is a signal for the global economy. it powers the planet supply ago third of all energy consumed. so in a sense the economic activity of billions of people is reflected in the price of the single barrel of crude. let s break down the global game
six-year low. gasoline has dropped to $2.19 a gallon. and the stock market is booming, hitting record highs. guess the fortune cookies that all those republicans were reading went a little stale. but there was another political fortune teller back in 2012 this guy. david seegel a florida ceo featured in a documentary about his wealth. so you ask me why i m building the largest home in america. my answer is because i could. everyone wants to be rich. if they can t be rich the next best thing is to feel rich. and if they don t want to feel rich, then they re probably dead. a man of the people. seegel made headlines in 2012 for threatening to fire
good stuff. can i ask you what s in it? two extra shots of espresso frothy white milk on the top and it s served like a latte and it really gets you going. can you tell us about another liquid? prices have been falling. i ve been in minneapolis and prices as low as $1.86. $2.19 nationwide the average. that s a dollar less per gallon. will this translate to airline relief? it has already. if you were watching football yesterday afternoon i was watching the cowboys and there were ads from southwest airlines about fare cuts coming up. this is in part because of the much lower cost of jet fuel prices. it could spread to other airlines. and well, it s about time it did. southwest does so much for the military as an airline.