According to an article in the Dallas Morning News, the cost of gasoline and heating has declined significantly, that's good news for families facing mounting debt. The EIA report, featured in the article, predicted that the average cost of gasoline could decline to as little as $2.03 per gallon by this time next year. The price of gas and diesel has already fallen by $2 a gallon since July. This week the average price for gasoline was $1.70 and the EIA report projects that energy for heating this winter will be one-fourth of last year's prices. Families who use natural gas will probably pay on average about $860 for heat this winter compared to the $1,570 paid by the average family last year.
This is great news for families who have been hit with job losses, reduced income and rising debt. Seniors will especially benefit because many are suffering financially with retirement funds that aren't producing anywhere near the income they expected to receive. That means many have been unable to pay debts and basic living expenses, making this decline in energy costs a much needed relief.