Gas prices below $2 can have negative effects, say economists (Video)

By Michael Bacos

For the first time in seven years, gas prices in Illinois have dipped below $2. This benefits consumers by giving them more spending money on other goods. However, there are some negative environmental impacts to these high gas prices.

Economists say the lower prices may discourage people from purchasing fuel-saving vehicles, and it could affect funding for research into alternative, cleaner fuels.
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Northwestern University Economics Professor Mark Witte believes a tax on gas can help provide funding to other sectors of our society, such as rebuilding our infrastructure or funding education and scientific research.