The US consumer is using the savings from lower oil prices to..

Livewire News

Livewire

The US consumer is using the savings from lower oil prices to... buy more gasoline. Plunging prices are encouraging Americans to drive more often and buy more trucks. At the same time, faster economic growth and a big influx in hiring over the past year means more Americans are now taking part in the daily commute. The result: sharply higher demand for gasoline, argues Nicholas Colas, chief market strategist at ConvergEx. We've finally discovered where American consumers are spending some of the savings from lower gasoline prices: they are buying more gasoline, he said in a new report. For one thing, Colas points out the amount of gasoline supplied to the U.S. market was up 6.3% in January compared with a year earlier. What's more, the number of miles Americans drive annually was on track to surpass 3 trillion in 2014 for the first time since a record 3.04 trillion in 2007 - the year before the Great Recession started. (Humble Student of the Markets and MarketWatch) (VIEW LINK)


Livewire News
Livewire News
Livewire

Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.

Expertise

No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.

Comments

Sign In or Join Free to comment