“The declines in gasoline prices have been extremely large, larger than anything we’ve seen in the past,” said Dean Maki, chief United States economist at Barclays Capital. “That’s providing a lot of spending power to households.”

Image Santa Claus gave out hugs Wednesday on the floor of the New York Stock Exchange, while investors were hoping for a Santa rally. Credit... Mary Altaffer/Associated Press

Gasoline prices have dropped to $1.66 a gallon from their July peak of $4.11 as Americans drove less and the global appetite for oil waned. Filling up a 15-gallon tank now costs about $25, compared with $60 this summer.

American consumers spent a seasonally adjusted $282 billion on gasoline and other motor fuels in November, down from $437 billion on an annual basis in July. Economists have compared the impact of slumping gas prices with a tax cut worth billions of dollars.

“It’s a very substantial amount of money that’s been freed up,” said Abiel Reinhart, North American economist at JPMorgan Chase. “That’s a definite positive for consumers. It’s probably the only positive at this point.”

Oil prices continued to fall on Wednesday, declining $3.63, to settle at $35.35 a barrel in New York trading. Crude prices are 75 percent below their July highs of more than $145 a barrel.