Gas prices drop significantly over the last month
EL PASO — The sharp drop in gas prices over the last month or so could provide our economy with a much-needed boost, putting money into our pockets.
Drivers across the country and here in El Paso are feeling relief at the pump. Gas prices are down some 30 cents since earlier this year.
"I think they're long overdue but we're happy to see them," said Crystal.
"I saw them last week and it was like $3.47 at one point and then like overnight it was just down to 39 then 22. I was excited. I gassed up really quickly," said Tina Ortega.
Across the country, a gallon of unleaded gas is $3.51 which is down 15 cents from a month ago. Across Texas, it's $3.35 a gallon which is a drop of 19 cents and in El Paso, its $3.26 which is down 19 cents from last month.
If the gas price drop continues and many expect it will, prices could slip below $3.40 a gallon by nationally by this summer.
If prices stay this low, Americans could save $80 billion over the course of a year.
"It's definitely a change and something that's needed here because we're working so hard and everything…you're just paying for the gas to go to work and back, some people are. I mean it's really hard to make it now," said Crystal.
That means Ortega can now spend more on the things that matter most.
"What could you do with the money you save? Go out to eat with my kids, little things with the kids. They're always wanting something, even at the Dollar Store… something little or big. You know it doesn't matter. For my kids, I think that would be great," said Ortega.
This sharp drop over the last month comes just as more Americans are feeling the impact of federal spending cuts. Some economists believe the two could balance each other out, dollar for dollar.
Experts said the reason behind this latest drop in gas prices is falling oil prices.