Gas Prices Tank, Drivers Smile

National surveys show consumers' mood is brightening, and it's not just holiday cheer. The more positive outlook has a lot to do with the steep drop in gasoline prices since last summer. 2015 holds the promise of more price relief not only at the gas pump but also at grocery stores. This week gasoline fell to $2.15 per gallon at some Central Ohio pumps. The price brought smiles to Ron Bruner of Lansing, Michigan and Nickila Mather of Pickerington as they filled up at a Morse Road Duke station. "I'm very happy that gas prices have gone down (laughter) especially on my car, sometimes I have to fill 93 octane," says Mather. "I travel for a living so for me this is wonderful. We haven't seen gas prices like this almost in memory here," adds Bruner. Gas Buddy-dot com says the last time average prices were $2.15 or lower was in May of 2009. On June 1st this year prices topped out at $3.98 per gallon. Now, they've dropped by nearly half. Mather says that saves her about $20 everytime she fills up. "It went up to like four dollars at one point. So I'm just happy its about half the price now. I almost want to put some in a container and save it, but that's not legal," says Mather. A national consumer survey published this week shows Mathers good mood is widespread. Half of those surveyed said the lower gas prices had "a great deal or quite a bit of impact on them and their families." Bruner quantifies his savings. "Before I was up around 150, 200 dollars a week on gas and now it's under 100 so that goes a long way over a month or a year all of sudden you've got real money here." Bruner says. And, it's not just gasoline. Other prices show signs of decline too. Ohio State Agriculture economist, Cameron Thraen, says recent record high prices for milk, butter, and cheese are also expected to come down for the new year. In both commodity markets, dairy and gasoline, the price dynamics are similar. "If you discount the conspiracy theories that are about, it basically is a result of this weakness in demand. We sort of find that hard to believe because we can remember not too far back talking about peak oil and 140 dollar a barrel oil was just the bottom of the next new high," Thraen says. Oil is currently trading below 60 dollars per barrel. With money saved on gas and milk, it's an open question what consumers will do. Will they spend or save. Briana Reed of Columbus says she'll use the money saved on gas to help pay-off student loans. "We're very happly about it. It's an interesting shift in our economy, definitely," Reed says. Nikila Mather has a similar plan. "Uh-uh-uh, pay more bills, yeah," Mather says. Bruner? He's got immediate spending plans. "Actually had a little better Christmas this year for family than I've had in the past. So it's very helpful. When you drive a thousand miles a week all of sudden these gas prices give you a little money when you don't have to pay it to the gas companies," says Bruner. The lower gas prices come during a busy end of year travel season. Triple-A says highways will be crowded, in part, because of lower prices for gasoline.