The DOW dropped 250+ points today as oil prices fell below $35 per barrel. Which of these two events will most likely affect your finances more?
Today, lower stock. In the long run, my stocks usually come back up. I'm not sweating it.
Well I don't have to sell stocKs or retire any time soon.... So gas is helping me more.
Short term gas, long term, stocks.
Neither, since the effect of a few cents per gallon / a dollar or two per fill-up is negligible, and the effect on lower stock prices is zero since I'm not planning on cashing any in anytime soon. At most it might be an opportunity to buy, if I find any extra cash laying around.
It will probably end up closer to $0.30 per gallon or around $4.50 - $5.00 per tank. Not gonna get you rich, but it will buy a coupla cups of joe. Not sure what it may/may not do to airline prices though. That could be a bigger savings for freq flyers.
That is more likely to mean zero savings for any fliers, just bigger profits for the airlines. With gas prices already way down and fuel efficiency of our cars way up, both relative to just a few years ago, further reductions in price have diminishing impact.
Neither will have a significant impact.
My husband does appliance repair. He has to use his own vehicle and pay for his own gas. The company he works for doesn't reimburse him. If he claims as many miles as he actually drives, we get audited. (It happened three times.) So gas prices dropping is like a raise for us.
If you don't lie on your taxes, then why worry about getting audited? Or do you still claim the mirage. I ask because I will be deducting around 18000 miles this year.
We've never lied on our taxes. Each time they audited us, it was for two or three years prior. They wouldn't accept the documentation we had regarding how many miles my husband drove for work. They'd originally given us a refund. So the IRS would demand that back, plus penalties, interest, and late fees for the time since that tax year. There was nothing we could do about it. One year, they even froze our checking & savings accounts. It's not like we make a lot of money or were claiming a lot of deductions -- just the standard ones that most have (mortgage, etc.) and two business ones (mileage and cell phone because his work requires it & even takes $25 a week out of his check). Since we've had to pay over $20,000 because of claiming his full mileage, we only claim partial and the IRS leaves us alone.
At 18,000, you should be okay. Before we moved, my husband averaged 70,000 miles a year. Now, it's right around 50,000.
I'm driving to AZ Saturday so gas definitely
I don't drive so the gas price affects me only indirectly. But most of my money is invested in the stock market, so that could be an issue.
Huh....I logged on to look at my investments today. The market dropped and yet I somehow made $10,000. The eventual drop in gas prices might save me $5 a month in 2016. No matter what Obama does, I win! Screw everyone else!
I can't stop laughing at this.
As a general idea of what that could mean at the pump, the current average gas price is $2.00/gallon. The predicted average price based on $35/barrel is $1.71. Here in my hometown in Ohio, prices range from 1.99 to 1.75 (1.72 for Sam's). That means I might be tanking up for right around $1.50. Normally it takes about 3-4 mos for oil purchased today to make it through refining, but it gives us something to look forward to in the Spring.