"AAA estimates that U.S. drivers are saving more than $400 million dollars a day. If gas prices maintain their trend, families could realize an average of $550 over the next year."

"The bad news is state budgets are already forecasting shortfalls from oil and gas related tax revenues because of the drop in global prices. Some are considering additional tax measures to make up for the shortfall."

During the last five months, the price of a barrel of oil has dropped from $107 per barrel to under $60. The extent of repercussions are yet to be confirmed.

Continued revenue shortfalls for states that result in the imposition of new taxes will carry greater pain when gas prices eventually reverse trend and return to higher levels.


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