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At what cost are you willing to accept lower gas prices?

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At what cost are you willing to accept lower gas prices?

Today and tomorrow, the Fed’s Open Market Committee are meeting to talk about the economy. One item on the agenda is the price of gas which has become much cheaper than what we’ve become used to. How cheap? We’re looking at average gas prices in Metro Chicago at $2.68 for a gallon of regular gas. That’s 20% cheaper than last year and about 15% better than last month and that price is expected to keep falling. Economists are already predicting lower gas prices will lead to lower unemployment, more household income, and better consumer sentiment. But are low gas prices good or bad for the environment? And what effect does it have on our domestic oil production? It’s important to know there isn’t a direct link between domestic oil production and the current drop in crude oil prices. Joining us in studio to unpack everything from fracking to the economic effects of cheap fuel prices are Josh Mogerman of the NRDC and Blu Putnam, Chief Economist at the CME Group. Photo Courtesy of Flickr/ ODDSTOCK

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