(OilPrice) Instead of letting fuel prices fall, several countries are taking advantage of lower oil prices by scrapping fuel subsidies.
Oil prices are at a five-year low, dropping by half in about six months. In much of the world, this has been an enormous boon to the economy. In the U.S., average gasoline prices have fallen to $2.47 per gallon as of December 18 according to AAA, down more than $1 per gallon since June.
The average American will see a 3.5 percent boost in disposable income this holiday season compared to a year ago. People with lower incomes feel the benefits disproportionately, allowing them to put fuel savings towards other spending needs.
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But not everyone is experiencing lower fuel bills even though crude oil prices have gone into a freefall.