Posts Tagged ‘oil’

Sliding Oil and Gas Prices Give Americans More Money to Spend

Monday, November 24th, 2014

Sliding #Oil & Gas Prices US spends $1B/day on gas, 1.4K gal/yr/person; $3.23/gal 11/13 price, falling to $2.89 now


With Americans spending roughly $1 billion a day on gasoline, Tom Kloza, global head of energy analysis at the Oil Price Information Service, estimates that consumers will save roughly $8.4 billion in November and December, compared with the last two months of 2013, based on an average price for regular gasoline of about $2.89 a gallon as opposed to $3.23 last November and $3.26 last December.

The typical American household buys 1,200 gallons annually, so if prices fall to the level Mr. Kloza predicts and stay there, that adds up to a yearly savings per household of at least $400. A 15 percent drop in the cost of home heating oil since last winter should also be helpful, especially as cold weather arrives in the Northeast.