Professor Mark J. Perry's Blog for Economics and Finance
Update: The $1.62 per gallon fall in gas prices since the $4.12 peak in July to the current $2.50 (see chart above from this link), represents an annual savings for consumers of about $230 billion (compared to a scenario if gas prices stayed about $4). On a previous CD post, I showed that for each one penny decrease in gas prices, consumers save $1.42 billion annually.
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
4 Comments:
Damn, that's a third of the bank bailout. Maybe this thing isn't half as bad as it's sold as being.... snicker.
Yeah, yeah, I know, unquestionable recession and all, it's going to cost a lot more than the bank bailout... but it's a definite bright spot.
Why aren't we having an investigation into those evil speculators who are reducing these gas prices?
I still maintain that your use of the peak price to calculate savings is ridiculous. Absolutely ridiculous.
Although, at least this time, unlike the last time you posted, the gas price is actually lower than it was one year earlier.
Was it ridiculous to bitch about high gas prices when it was over $4.00 a gallon?
Post a Comment
<< Home