Ohioans Thankful For Gas Price Drop to Six Year Lows, Saving Consumers $7 Billion

by Jackie Stewart, Energy in Depth

Ohioans have much to be thankful for this year. Not only has shale investment brought over $33 billion to the state (creating thousands of jobs and millions in tax revenues), but this holiday season, travelers can be especially thankful for cheap prices at the pump.
Today, drivers from across the state have seen gas prices have fall to six year lows, dipping under $1.50 in some areas, a drop of more than 20 cents in just one week. In the Cincinnati area,gas prices have dropped 62 percent! That’s not the only good news this holiday season, either. The drop in gas prices means consumers will save a reported $7 billion at the pump during this holiday season, or about $40 per driver. So, feel free to invite your in-laws over for Thanksgiving, as this saving means Thanksgiving dinner for 8 people, according to the Farm Bureau. The Cincinnati Enquirer quoted Patrick DeHaan, a petroleum analyst for Gasbuddy, who said,
“In Cincinnati the prices we’re seeing are at the lowest average since March 2009. At that time, the nation was struggling to emerge from the most precipitous economic downturn since the Great Depression.”
Of course, the lower gas prices are a direct result of our increase in shale development. Low gas prices impact every fabric of our society, and are particularly a welcomed relief to families during the holidays. As Marshall Doney, President and CEO of AAA said,
“This Thanksgiving, more Americans will carve out time to visit friends and family since 2007. While many people remain cautious about the economy and their finances, many thankful Americans continue to put a premium on traveling to spend the holiday with loved ones. One holiday gift has come early this year. Americans will likely pay the lowest Thanksgiving gas prices since 2008. Lower prices are helping boost disposable income, and enabling families to kick off the holiday season with a Thanksgiving getaway.
Take a look at some of the stations in Ohio over the last 24 hours, according to Gasbuddy:
As we know, shale development has pulled us out of that great depression, driving unemployment rates down in Ohio and across the country, and supporting middle class jobs with vigor. Now it’s providing low gas prices just in time for the holidays.
The Buckeye State is grateful for the harvesting of Utica shale, which has led to our economic recovery, savings at the pump, and ultimately more holiday cheer. Happy Thanksgiving!
Copyright Energy in Depth. Reprinted with permission.  View original here:  http://energyindepth.org/ohio/ohioans-thankful-gas-price-drop-six-year-lows-saving-consumers-7-billion/

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