Sunday, November 23, 2014

Gasoline "Breaks on through to the Other Side"...

... of the oil choke collar.

 - by New Deal democrat

This is from Gas Buddy this morning:

The price of gas has fallen to $2.82 a gallon.  That is lower than at all times in the last 4 years.

Remember that for every $0.10 gas prices decline, after you factor in the typical mileage driven for a vehicle, times the number of drivers in the US, that is something like another $36 billion a year that consumers can save or spend on other goods.

Update:  Here are a few statistics to help understand how much the US consumer is saving on gas.

The average vehicle in the US is driven 11,318 miles/year:

The average gas mileage in the US fleet is about 24 miles per gallon:

There are about 250 million vehicles in the US:

That's about 9 billion gallons of gas per month total in the US.

Every 10 cent decline put $900 million dollars a month in consumers' pockets.

Gas now is about 35 cents a gallon cheaper than it was last November. That means about $3 billion dollars this month that can be saved or spent elsewhere.