Auto Industry

Would Lower Gas Prices Help the Economy?

lower gas pricesA lot of excitement happened when gas prices basically plummeted at the end of 2014. If you were like most of us, you were happy to find a bit of relief when it came to overwhelming gas costs. A lot of lawmakers have worked hard to do what they can so that gas prices can be even lower, and people have been driving less and such in order to play a part in trying to keep those costs down for as long as they possibly can. It’s a huge effort.

So, it’s no wonder that there are lawmakers in the Federal Government who are working to play a role in this as well. By reducing particular federal taxes on gas, they are imagining that it could end up helping the economy a lot more. The current bill that is being discussed and is going through the House and Senate is one that is trying to bring down that tax to about 4 cents (it’s currently around 17).

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What Are the Implications?

13 cents doesn’t sound like a lot, but in the big picture, it’s actually a huge deal. Many cars have at least 12 gallon tanks, so that means you’re saving around $1.50 every time that you fill up. If you’re filling up at least once a week, those numbers add up pretty quickly. That’s money that could be spent in other arenas, which would help to expand the economy. On top of that, it could end up giving people a reason to buy bigger vehicles again at a used cars dealer. It will also help transportation industries, like public transportation and trucking, because there’s going to be at least a little less cost associated with it than there originally was.

So, what do you think about this? Could reducing the taxes on gas actually be a huge help to our economy? Or is it just something that is being used as a ploy so that the government doesn’t have to deal with other economy boosters? There are lots of questions surrounding this, and many of them have come up during debates and conversation, but it will be a short bit before we actually see what may happen with it. If you have any comments or questions, go ahead and leave them here – this is an important topic for the entire transportation industry to consider and possibly put their support behind.

Ledingham GM has used cars.

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