Drivers in Nevada and the rest of the United States have enjoyed low gas prices for the past two years, thanks to the age-old fundamentals of any economy: supply and demand. When oil prices were climbing in the wake of the Great Recession, high global demand, particularly in the surging Chinese economy, and limited supply pushed oil prices above $100 per barrel. Today, the price of oil has been cut in half as the result of increased supply and weak demand.

Double-digit economic growth in China is long gone, and the United States has been weaning itself off of foreign oil, partly due to successful efforts to increase energy independence and build domestic oil reserves. Those prevailing competitive forces in the oil market are responsible for reducing the price consumers pay at the pump, and that savings at the pump translates to more spending on other goods and services.

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