Saturday, December 27, 2008

$1 Billion Daily Savings From Tumbling Gas Prices

MY WAY -- Retail gasoline prices tumbled Friday to the lowest level in nearly five years. And while crude futures rose, analysts believed it was a temporary pause in an extended, downward arc as the recession spreads.

"We're paying about a billion dollars per day less than we were in July" for gasoline, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. "We could probably bail out some banks and maybe even some of the auto companies with the savings."

At the pump, retail gas prices fell six-tenths of a penny overnight to a new national average of $1.642 a gallon Friday, well below the year-ago average of $2.981 a gallon, according to AAA and the Oil Price Information Service. The last time retail prices dipped this low was in February 2004, Kloza said.

2 Comments:

At 12/27/2008 6:44 PM, Blogger 1 said...

Interesting article...

Consider the historical prices of gasoline & crude oil, real versus nominal over the years...

 
At 1/14/2009 8:08 PM, Anonymous AlRich said...

Gas prices are slowing down and it helps a lot in our economy. Many will benefit from this gas lowest price rate. As it affects the prices of the goods sold in the market.

 

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