fuelgaugereport). It seems that the oil price collapse on the financial markets (futures for Brent Crude & Crude Oil) reached the consumers.
The recent price drop is remarkable. Normally gas prices follow a seasonal cycle and start to climb in
January because many refineries are using the weak winterly demand from
January through March to shut down for their yearly maintenance. So, "in
a typical year, prices at the pump are flat to modestly higher at this
point", explains the research service Bespoke (bespoke).
The recent sharp drop of the gas prices could stimulate consumer spending and so the whole economy. And there are also tailwinds from the job market. Friday´s labor market report (151,000 new Jobs created in January, plus 2,650 in the whole year 2015) showed that hourly wages grew faster (monthly +0.5%) a plus of 2.5% compared to January 2015 (calculatedrisk).
The combination of falling gas prices (amplified by dropping heating costs thanks to cheaper natural gas and heating oil) and faster climbing wages could be the trigger to restart the sluggish economy.