Top Stories

Cheap 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.

 

 

Top Story Videos

Don't Miss It

Heron at Fountain Creek Nature Center. Photo by Scott Thompson.

Featured Picture

Upload your favorite photo to our website.  Others can see it and your photo may be featured on News First.

Job of the Day
Environmentalist
Ft. Carson
$46,600 - $104,500

Jobs First Colorado

Search for jobs locally and throughout Colorado.

 

News First Vacation

Explore your own beautiful state --
destinations in Colorado.

Weekend on the GO! logo 80x60

Weekend on the GO!

Fireworks Displays 
All over Southern Colorado

 

Special Sections

Wacky Stories

Weird, wild and unusual stories from Colorado Springs and around the world. This stuff truly earns the title “WACKY."

Most Wanted Predators

News First keeps an updated list of Southern Colorado's most wanted sexual predators.  Your anonymous tips can help authorities track them down.

Sponsored Events

Check out the events sponsored by KOAA-TV, News First 5/30.

Teachers First

Honor that special person who inpires kids to learn and grow. Nominate him or her for this monthly award from News First.

 

Gas Tracker

Find the cheapest gas in Southern Colorado.  Gas Tracker is simple, interactive and always up-to-date.

Connect With Kids

Tough topics about kids and teens. Research-based parenting tips, teacher info, and news about kids.

Check For Life

News First has joined the fight against Breast Cancer. Click here to find out where to get your Check for Life kit.