Americans are spending more not only at gas stations but across other categories. Lower oil prices are expected to translate into faster changes in U.S. energy and gas prices. The U.S. is described as largely self-sufficient in energy. Gas prices are linked to high jet fuel prices caused by disruptions abroad, which lead refiners to shift production away from gasoline. When oil prices fall and supply conditions improve, refiners can adjust output quickly. Credit card and private-sector data are cited to support the claim that spending increases at gas stations coincide with broader spending increases.
"Oh, it'll be right away. And again, like the 300 nautical mile thing is what the way you think about Europe and Asia and everything else, but in the U.S., you know, we're basically self-sufficient in energy. And the reason why the gas prices have been going up, for example, is that jet fuel prices are so high because of the disruption, say in Singapore, that our refiners have been turning the knobs towards jet fuel and away from gasoline a little bit. They can stop that pretty much as soon as the oil starts to land in Singapore."
"And so I think that we should see very quickly energy prices, gas prices go back to where they should be. And the thing that I've seen when I look at credit card data and other things that I can get for the private sector is that while people have been spending more money at gas stations, they've been spending money"
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