According to recent congressional testimony, some experts believe changes (i.e., controls and restrictions) to the oil futures trading market could result in up to a 50% decrease in the price of a barrel of oil, with gas prices also dropping as much as 50%, or to around $2.00 per gallon as soon as 1 month after. I do not really believe it would have that much of an effect, as I am sure there are other factors involved, such as global demand and the loss of value of the U.S. dollar vs. global currency, etc. However, it got me thinking about whether, were gas prices to drop that significantly that quickly, would people stop trying to drive more efficiently, stop looking for the cheapest gas stations, and generally just stop worrying about the price of a gallon of gas?
I have been trying to drive more efficiently, plan my trips and errands, and be conscious about my driving habits due to the recent spike in gas prices over the last 6 months to a year. Would I continue to do so, if gas was only $2.00 gallon? I think so, and I would certainly try. By driving more consciously, I would continue to save the same percentage per mile driven, and those savings over a month to a year would continue to add up.
Frugal habits developed when you have to save money should be carried forward even if the necessity of saving is no longer present. Keeping your costs and expenses to a minimum is an important component in building wealth.
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