Opinion Columns & Blogs

Drop in gas prices like getting huge tax cut


Though lower oil prices hurt domestic energy producers, they bring a windfall to consumers and businesses, the Wall Street Journal reported. The drop in gas prices over the past six months is equivalent to a $75 billion tax cut for consumers, according to an analysis by Goldman Sachs. The Washington Post reported that American motorists are saving $630 million every day on gasoline compared with what they paid last June. The CEO of Delta Air Lines said that every 1-cent decline in the price of jet fuel saves his company $40 million. – Phillip Brownlee