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