Lower Gas Prices Are Saving U.S. Consumers $1 Billion a Day

Gas prices reached a new 2008 low of $1.61 per gallon, which is the lowest inflation-adjusted price since March 2002 (using EIA data), as real gas prices approach a 7-year low. From the $4.12 per gallon peak in July, American consumers and businesses are now saving $357 billion on an annual basis from the cost savings of lower gas prices, or almost $1 billion per day.

Comments

[strutzma:]

This 1bn in savings obviously makes up for the jobs lost in the last number of months.... I'm sure people in Michigan would celebrate if they only knew how much more money they have....

2008 Dec 29 06:26 PM

[wise:]

that's 1500-2000 per US family if it holds for a year

2008 Dec 29 07:39 PM

[Anthony Alfidi:]

US citizens will need that extra dough to pay down their credit card bills.

2008 Dec 30 01:43 AM

[Kunst:]

Enjoy it while you can.

2008 Dec 30 02:39 AM

[Steven Hansen:]

enjoy the prices. oil prices are now below the lifting cost of marginal wells. this already has killed exploration and development of new fields. we will pay later.

2008 Dec 30 02:59 AM

[NOWHEREMAN:]

No they aren't.

Consumers aren't driving. Those that still are may be saving but only if they are still working.

2008 Dec 30 08:34 AM

[jack kreg:]

have you noticed all the lib articles that are floating the idea of a dollar or more gas tax? NY times and others, they all say that cheap gas is bad and people should pay more at the pump. WOW, if there is one light at the end of the tunnel, its cheap gas!!
Now, our new leaders with all their intelligence want expensive gas?

2008 Dec 30 12:48 PM