Much has been made recently of the 'implicit' tax cut that a sliding gas price is providing for the beaten-down, confidence-sapped, credit-using consumer. Sure enough, gas prices are at their lows of the year. But, unfortunately, recency bias is our enemy once again since the price of regular gas is still 8.5% above its average since the crisis began - and that with miles-driven still slumping. Not quite as 'tax-cut'-inspiring when viewed that way...
Chart: Bloomberg
Bonus Chart: Miles Driven vs gas price... (via Advisor Perspectives [3])
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