Things Are Getting Better: Consumer Gains Edition.

In the "Things Are Getting Better" Department see what Dr. Ed. Yardeni had to say a few days ago about the impact of falling oil and gasoline prices on consumers{Highlights mine}: 

"According to the WSJ yesterday {12.09.2014}, the IMF is raising its forecast for US growth next year to 3.5% from its last estimate of 3.1%, partly because of expected lower energy costs. The nearby futures prices for gasoline and heating oil are down 45% and 33% from their summer highs. Last year, consumers spent $371 billion on gasoline and $27 billion on heating oil. So they could save a total of about $175 billion, or $1,510 per household at an annual rate." 

Again folks that's real money.  A lot of that is going to be spent on the holidays and poured back into the economy next year as long as gas and oil prices stay low.  How long these prices will last is the real question.  Oil at these levels also has certain negative effects but we'll leave that for another time and at least for now enjoy those extra dollars in our pockets when we fill up the car.  

Link:  Yardeni:  Big Windfall for US Consumers.