The average price of gasoline will be below $3 a gallon in 2015, the Energy Department predicted Wednesday. If the sharply lower estimate holds true, U.S. consumers will save $61 billion on gas compared with this year. Economists say lower gasoline prices act like a tax cut, leaving more money for consumers to spend on other things. Consumer spending is 70 percent of the U.S. economy.
The department’s Energy Information Administration predicted in its most recent short-term energy outlook that drivers will pay $2.94 per gallon on average in 2015, 45 cents lower than this year.
ABC’s Scott Goldberg joined us from New York to discuss.
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