Gas Prices Are Down Due to Cold Weather Coming [PODCAST]
St. Cloud State Economist King Banaian joined me on WJON today. King says the gas prices dropping below $2.00 a gallon is an indication that the summer travel season is over and that less people will be doing driving vacations anytime soon. He says many Minnesotans chose to do their "holidays" within driving distance largely within the state. King says low gas prices are a sign we continue to fight through a recession. He says a sign we are coming out of the recession would be a gas price increase to around $2.30 a gallon. Listen to our conversation below.
Covid-19 has effected many things throughout the country and globe. King says the colder temperatures expected in Minnesota soon will impact bars and restaurants. He says bars and restaurants adjusted to outside seating and partial indoor seating. King is concerned about bars and restaurants with outside seating not an option in cold weather, reduced indoor seating and an apprehension of some people about going to bars and restaurants during a pandemic. King says the good thing for bars and restaurants is that they've had some time to prepare for this. King says retail has made adjustments and many are doing well with online purchases.
The housing market hasn't been largely effected by the recession. King says many people didn't lose their jobs due to the pandemic but maybe were forced to more remote online working. He says those people still have money and are choosing to spend it upgrading their home or moving to a different home.