What lower gas prices mean for average Americans
Gas prices have dropped for a record 89 straight days. The national average is now $2.38 a gallon, and that means drivers have a lot more money in their pockets.
"1.99, it's sweet!" Dallas taxi driver Gerald Colgrove says he's saving $40 to $50 a week on gas. What does he plan to do with the extra money?
"I've already basically done it -- I've given maybe two extra gifts to my five grandchildren for Christmas," Colgrove says.
Every day motorists are saving $450 million dollars on gasoline, compared to prices in June.
Nearly half of Americans in one poll report having an additional $25 to $75 to spend a month. More than a third planned to use their savings on holiday gifts.
Cheaper gas is also boosting holiday travel. Nearly 90 million people are expected to make a road trip, up four percent from last year, according to AAA. Lacie Patterson will drive 500 miles.
"I was not planning to travel and just due to the changes and due to the allowances I've had with the extra money, I've decided to make a trip," Patterson says.
The savings go beyond the road. In Louisiana, shrimpers are paying up to 70 cents less per gallon.
That adds up when you consider boats -- like the ones owned by David Chauvin -- can hold 10,000 gallons of fuel. For Chauvin's workers, that translates to more money in their pockets.
"We figured out it was equivalent of probably a little over $1,000 in each crewmen's pocket," Chauvin says.
By one estimate, lower gas prices were the equivalent of a $75 billion tax cut for U.S. households. But with prices still falling, the tax cut looks more like $100 billion to $125 billion.
