Watch VideoCheap gas not changing consumer behavior - yet
Story By: Susan Davies
Source: KOAA
Published Fri Nov 21, 2008, 04:46 PM MST
Updated Fri Nov 21, 2008, 06:37 PM MST
When gas prices jumped to four dollars a gallon, local restaurants and shops felt the pain. Now that gas is at its lowest price in more than three years, one might expect consumer confidence to begin climbing in time for holiday shopping.
But local economists say that's not happening because too many people are worried about losing jobs and possibly even homes.
Fred Crowley, Economics professor with UCCS says "The Christmas season is an elective item. People will choose to put off (some purchases) until next year."
At Pikes Peak Workforce, five thousand people are coming in for help each month. Staff members say that's a significant increase.
Regular gas has dropped to $1.64 at some Colorado Springs retailers. That's the lowest price since the spring of 2005. For every $1 drop in the average price of gas, $150 billion of additional revenue goes into consumer's pockets over a years time.
Click here to find the top ten cheapest gas prices in the area, including maps to the locations.
