As Fuel Prices Drop, Consumers Spend Savings On – More Fuel

It’s not news that the drop in oil prices has had a double-edged effect; hurting energy companies’ bottom lines but blessing motorists with less-expensive gasoline. What’s odd – some would say senseless – is what these consumers do with the money they’ve saved.First, they spent about 80 percent of the savings, rather than putting it in a bank. Most of this spending is on food, household goods and entertainment. But one study by Professors Justine Hastings of Brown University and Jesse Shapiro of the University…

via Daily News Update

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