Here’s how Americans are using the savings from cheaper gas prices

About four-fifths of Americans said they saved money at the pump this year, with more than half using that windfall to cover basic necessities and pay off debt, according to a poll released Monday.

One-third of the 1,000 respondents in the Allstate-National Journal Heartland Monitor survey said the country was heading in the right direction, the highest mark since November 2012.

Lower gasoline prices might have something to do with that perception. Fifteen percent of respondents said lower gas prices made a “huge difference” on their financial situation, while 17 percent said it made a “significant difference,” 23 percent said it made a “modest difference” and 24 percent said it made a “slight difference.” Thirty-one percent of those surveyed said they were using gas savings to pay for everyday items, while 27 percent said the financial padding was helping avoid or chip away at debt.

Gas prices plummeted heading into 2015 as a result of several factors, including surging U.S. production and Saudi Arabia’s decision to keep production flowing rather than cut output to boost prices. Sagging global demand from China and elsewhere also depressed prices.

While gas hovered around $2 per gallon across much of the country earlier this winter, prices have rebounded a bit in recent weeks in part due to planned refinery outages. Gas averaged $2.42 per gallon nationwide Monday, according to the AAA motor club.

Although more Americans expected a more robust economy (32 percent) over the next year than those who envisioned a weakening one (25 percent), many are skeptical that the nation has turned a corner.

“While Americans’ attitudes about their personal prospects and the country’s direction have clearly brightened since last fall, most Americans remain skittish about the economy’s overall performance and concerned about its ability to generate rising wages and living standards,” said Ronald Brownstein, Atlantic Media’s editorial director.

The survey was conducted via landline and cellphone between Feb. 18-22. It contained a margin of error of plus or minus 3.1 percent.

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