Low Gas Prices Offer Some Little-Known But Important Benefits

COLUMBUS, Miss. (WCBI) — Since October, falling gas prices have meant more money in our pockets, more gifts under the Christmas tree and a chance to pay off some of our personal bills.

Experts say we will likely continue to enjoy those personal benefits well into next year.

But the benefits stretch into some other areas most people don’t think about but are just as important to the wallet.

Next to salaries, gas and diesel are used to run everything from police and sheriff’s cars to garbage trucks and bulldozers, and are one of the biggest expenses for local governments. When prices are up, taxpayers have to pay more for less. But when they are down, taxpayers reap the benefits. That’s what’s happening now.

Ralph Billingsley says, we are seeing a 25% reduction in price. If oil prices remain low, there could be a 100 to 150 thousand savings.

When gas prices peaked four years ago, law enforcement suffered as officers and deputies were told to cut back on patrols to keep budgets in line and avoid tax increases. That is not the case anymore.

Monroe County Sheriff, Cecil Cantrell says, “It gives the opportunity and means to get out and do more patrolling and still stay under our budget.”

Savings also give county & city road and public works crews a chance to squeeze in a few more small projects that might have been cast aside. But the biggest impact for taxpayers and drivers could come next spring and summer.

Oil  is one of the key ingredients for asphalt.

“When I started working in the county we were buying hot mix asphalt for twenty dollars a ton and now were paying eighty a ton. If we can just see that asphalt, as a result of lower fuel prices fall back to sixty a ton. It would make a tremendous difference,” says Monroe County Road Manager Sonny Clay.

Finally, the savings are allowing local governments to make up some holes in their budgets, or stash a little away for leaner times.  Lawmakers say that cushion,  protects against tax increases in the future.

Billingsley goes on to say, “We actually had a small short fail in our budget this year so that this will help us balance the budget if we do get to that savings on the fuel.”

Gas prices are expected to remain low through at least next Spring.