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Gas Prices Could Plunge to $2 Per Gallon By Election Day, I Mean Turkey Day

Reported by Melanie - August 30, 2006 -

The first segment today (August 30, 2006) on Your World w/Cavuto was about "plunging" gas prices and how "the word is" that it could be closer to "two bucks a gallon than three bucks a gallon by Thanksgiving," as Cavuto giddily said in his promo. Over a graphic that read, "Gas Prices Hit 6 Month Low," Cavuto turned to Dagen McDowell for a report on, "the impact if they are right."

McDowell began with, "Well, it might be time to say hallelujah and head to the mall!" She said if, "you need another reason to love the holidays" then, "try $2 gas by Turkey Day. That's what some are predicting."

McDowell said gas prices are "plunging, down 18c a gallon in the past month" and with the summer driving season almost over and the hurricane season coming to an end, "evidence suggests the trend will continue." She said it would be, "a gift just in time for the holidays."

McDowell cut to a brief taped interview with Diane Swonk of Mesirow Financial who said if gas prices fall to $2 per gallon, "[I]t would not only be like a tax cut for consumers but a windfall, a major windfall, right before the holiday season, allowing them to return to restaurants and buy all those aspirational purchases they've had to put on hold over the last year."

Back to McDowell: "Lower gas not only frees up extra cash but it stirs up good feelings." Having "loot leftover after filling up could quickly lift people's spirits." Plus, a "slump at the pump could help keep inflation in check and keep the interest rate hikes on hold at the Federal Reserve. All that a sure-fire way to put shoppers in a merry mood."

Comment: Happy days! Happy days! McDowell said lower gas prices would be a "gift just in time for the holidays." How about just in time for the election? I can see Fox's graphic now: Vote for a Dem and Pay at the Pump.