Gas Price Decline: How Much Are We Saving?

Link for KC.

Based on the drop in the national average price of gas from the peak of $4.12 per gallon in July to $2.17 currently (see chart below, click to enlarge), American consumers and businesses will save $277 billion on an annual basis from lower gas prices.

click to enlarge

Comments

[john s. gordon:]

lots of fuel saved when your job which is/was 60 mi from your home no longer exists. then, is the word 'savings' really meaningful?
> jack

2008 Nov 13 09:21 AM

[JasonC:]

Yes, it is perfectly meaningful. A gain of 2% of GDP that had to be imported and financed by foreign lenders, is a meaningful number any way it is sliced.

2008 Nov 13 10:08 AM

[notsosmart:]

every time opec cuts production the sheeples should figure out a way to drive less. those that dont commute anymore do to job loss are helping our GDP. right jasonc?

2008 Nov 13 10:31 AM

[Paul Killinger:]

That's right. And one of the first steps our new President says he'll take is to REIMPOSE the moratorium on domestic energy exploration. (And you thought George Bush was in league with the oil companies.) You know, "Change we can believe in!"

2008 Nov 13 10:56 AM

[notsosmart:]

"im the decider" i guess is busy with his deciding who to put on his pardon my cronies list. is scooter liddy #1? 8 years just to move towards socialism?"mission accomplished" for sure. what a mess.

2008 Nov 13 11:22 AM

[notsosmart:]

meant libby.

2008 Nov 13 11:23 AM

[Kunst:]

Remember Lucy and Charlie Brown and the football that she jerked away every time he tried to kick it? At $4 gas, everyone knew we had a crisis and had to take long-term measures. Oops, no football. Gas is back to $2, no more crisis. Everyone go back to driving a lot, and let's shelve all those get-us-off-gasoline plans. How stupid are we, exactly?

2008 Nov 13 05:05 PM

[bill d:]

PRETTY DAMN STUPID.

2008 Nov 14 12:26 AM