The People of America's Oil and Natural Gas Indusry

American Energy and Consumers

Mary Leshper

Mary Schaper
Posted March 3, 2015

Saving Big on Energy Bills, People Take it to the Bank

 

NY Times: Sometimes, even the supposed experts can lose track of a billion dollars or two. Or, in this case, $100 billion.

 

While few outside of Texas and North Dakota are complaining about this huge savings that consumers have enjoyed since energy prices began falling last summer, economists have been stumped recently trying to figure out exactly what consumers are doing with the windfall.

They have not gone on a shopping spree at the mall or online. Results at many retail chains have been mixed, and some stores that are middle-class fixtures, like Sears and J.C. Penney, continue to struggle.

One hint at what consumers might be thinking came Monday, when new government data on the economy showed a healthy gain for wages and salaries in January, even as spending by consumers inched lower for the second month in a row. As a result, the savings rate ticked upward to 5.5 percent, the highest level in just over two years.

Read more: http://nyti.ms/1Eg6CP6

 

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ABOUT THE AUTHOR

Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.