Stable Gas Prices Save Americans Billions [POLL/AUDIO]
NEW JERSEY 101.5
Gas prices have remained fairly stable since the summer and that has saved the economy billions of dollars.
Nationwide, gas prices averaged $3.75 a gallon in June. Today, they average $3.29, such a drop adds up to about $165 million a day, or nearly $60 billion a year.
"When you look at today's numbers compared to the summer, we're spending about $200 million dollars per day less. But, we're still spending quite a bit, about $1.1 billion a day," said Tom Kloza, chief oil analyst with Gas Buddy in Wall Township. "Many analysts will look at those numbers and assume that if Americans are saving $30 or $40 a month on fuel, then that money will go into retail. That may be accurate, but we're still not back to the numbers we saw in 2010 and every other year except 2008."
As for the coming year, prices will remain kinder and gentler.
"Despite the easier pricing, I don't think we're going back to where we were in 2009 and 2010 when prices were anywhere between $1.60 and $2.70 a gallon," said Kloza. "That's a change we shouldn't wish for because it would come on the back of economic catastrophe."
While the cheaper prices do help consumers, Kloza does not believe they are making people more enthusiastic about the economy.
"I think there is concern about the higher health care premiums and I think many people recognize that they no longer have the pay roll tax holiday. So, we're going to get a break on our fuel bills, but I don't think it'll be enough of a break to be inspirational," said Kloza.
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