Washington, Oct 13 -  

The New York Times reported today on the positive impact falling gas prices are having on the overall economy, which continues to expand and create jobs at a robust pace – more than 6.6 million jobs over the last 37 months:

“Falling gas prices are leaving Americans with more money to spend, and inflation has become less of a threat in recent weeks, according to a report released yesterday by the Federal Reserve.”

The Washington Times also highlighted how a projected decline in winter heating bills is further boosting the U.S. economy, saying it is “adding to the already sizable benefit to consumers from falling energy prices.” From the Times:

“Add [lower home heating bills] to rapidly dropping gasoline prices -- pump prices have plunged 75 cents to $2.26 since August, the fastest decline on record -- and consumers are set to enjoy an energy dividend just in time for the holidays, economists said.”

“‘We expect a powerful surge in discretionary income will lift spending, courtesy of the recent plunge in energy quotes,’ said Richard Berner, chief economist at Morgan Stanley. He estimates consumers’ discretionary income has jumped at a $100 billion annual rate since August because of falling gasoline prices, and will grow by another $20 billion to $30 billion because of lower heating bills.”

“This should give a small boost to economic growth, he said, but he cautioned that much of the windfall could be wiped out if the weather turns out to be colder than expected.”

News media reports from around the country continue to provide welcome news to American consumers. Under the headline of “Falling Natural Gas Prices Mean Cheaper Heat,” the Indianapolis Star reports on falling gas prices in the Midwest:

“Indianapolis-area natural gas customers will finally get a break this winter. Local utilities say their typical residential customers should see their heating bills drop by 8 to 20 percent ….”

“At Citizens Gas, average customers will save $69 for the average. ‘This is good news for our customers who, due to year-over-year increases in natural gas prices, have seen five straight years of higher bill projections,’ said Niel C. Ellerbrook, president and chief executive of Evansville-based Vectren.”

While chronically negligent Democrats have obstructed progress on lowering gas prices, House Republicans have taken action, passing common sense energy solutions to help lower Americans’ cost of living. And Republicans will continue to act in spite of partisan opposition from chronically negligent Capitol Hill Democrats.