According to Business Insider, President Barack Obama is warning Americans that the low gas prices won’t last forever.
In an interview with The Detroit News’ David Shepardson, Obama said Americans should use the savings wisely.
“I would strongly advise American consumers to continue to think about how you save money at the pump because it is good for the environment, it’s good for family pocketbooks and if you go back to old habits and suddenly gas is back at $3.50, you are going to not be real happy,” Obama told The Detroit News.
By Wells Fargo’s estimate, the bottom 20% of income earners could save nearly $250 over a year with current prices. Those earning the most will have an extra $814 on average.
Obama suggested Americans keep the money in savings or buy an appliance that will still be useful even after gas prices go up.
“Obama said ‘folks should enjoy’ low gas prices,” Shepardson reports, “but cautioned that they won’t be around forever. Americans could sock away some of the money, ‘or better yet’ buy a new car or new appliance, [Obama] said.”