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When gas prices were less than $2 per gallon, typically around 2014 and early 2015 in the U.S., consumers benefitted from lower transportation costs, which contributed to increased spending in other areas of the economy. This period was marked by a significant drop in crude oil prices, driven by factors such as increased production from shale oil and a slowdown in global demand. Lower gas prices often led to higher consumer confidence and a boost in travel and leisure activities. However, these prices also impacted the profitability of oil companies and affected jobs in the energy sector.

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2mo ago

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