During the end of August, China’s economy collapsed; affecting the global economy. As a result of the financial collapse, as well as the Iran nuclear deal also discussed over the summer, the U.S. had benefited with some of the lowest gas prices in a decade.

Gas Prices in St. Louis have dropped during the past few weeks. With such low prices now found all over the city, commuting students and workers have easy access to a previously high fuel.

“Yes, I am aware that they have been lowered,” junior Kaleigh Riggs said. “To about under $2 now right, like $1.98.”

Over the summer, the U.S. and European Union [EU] made a deal with Iran which would open up Iran’s oil reserves to the world; in turn lowering oil prices throughout the world. Iran is the  fourth largest oil reserve, having about 158 billion barrels of crude oil.

“Considering what’s going on in the world, I’m not sure how it plays on a worldly scale,” Riggs said. “I’m not sure how I feel about that, I don’t know enough about the topic.”

If the deal goes according to how they planned it the U.S. and EU will lift sanctions in 2016, and Iran will be able to start selling about 30 to 40 million barrels of oil that they currently have stored.

“This won’t all happen immediately. It will likely take at least six months before we see any significant oil impact from the deal, and possibly even longer than that,” journalist Brad Plumer said in his article for Vox online newspaper.

It has not been six months since the deal, and the country is seeing some of the lowest gas prices in a decade.

“It’s easier to fill up my car, and it’s cheaper,” Riggs said. “I’ll have some extra money, that’s good. That’s pretty much it, it’s not going to start a new life for me, but it helps me now.”

While the Iran nuclear deal is a factor of the lowered gas prices, it is not the only reason that oil prices have been lowered. For 20 years, China has benefited from an export growth strategy. But exports could not power China’s growth forever; world markets just are not big enough. In July, Shanghai’s markets closed, causing the stocks to decrease 8.5 percent. The Chinese market lost 22 percent of its value in five days, adding to the total of a 43 percent lost since June. The collapse of China’s economy was an unexpected factor to the lowered gas prices in America.

“That doesn’t sound very good,” senior Katharine Eftink said.

Due to the decreased prices of gas, inflation of other goods can be a problem. Some economists believe that inflation may occur, while other economists fear that deflation may be the ending result of it all. The last time the United States saw a deflation in the economy was during the 1930’s when the Great Depression took place. During that time, the prices went down as well.  If economists are correct regarding inflation, products will be more expensive while gas prices are low. Eftink has mixed feelings on the situation.

“I guess it depends on the item,” Eftink said.  “Like if it’s bread or something then that’s important [and its inflation could be harmful]. But if it’s something like a luxury car? Then who cares?”

While the lowered gas prices does affect the future in an unforeseen way, people are enjoying the cheaper prices now. Students are able to fill up their gas tanks at cheaper cost before or after school.

“I think  gas is a very vital part of my life because I drive a lot,” Baig said. “So I think gas is number one priority.”