Americans Saving $3 Billion a Week on Gasoline

With 2015’s drastically reduced gas prices, the weekly total is $5.75 billion or about $3 billion a week saved. With 320 million people living in the U.S. the savings are about $9 per person per week.
Americans Saving $3 Billion a Week on Gasoline
RIO VISTA, CA - NOVEMBER 19: Gas prices below $2 per gallon are displayed at an Arco service station November 19, 2008 in Rio Vista, California. Gas prices have fallen to below $2 a gallon for the first time since March of 2005, with the national average of $1.99 for a gallon of regular unleaded. (Photo by Justin Sullivan/Getty Images)
1/15/2015
Updated:
7/18/2015

The falling price of oil was big news for the second half of 2014, and it is still making news in 2015. 

Oil prices have fallen from the June 2014 high of over $105 to under $50. Markets are unable to predict the future price of oil. Major producer, Saudi Arabia, announced it will increase oil production which will continue to lower the price of oil. 

With lower costs of oil, the cost of gasoline and diesel go down as well. 

This time last year, the average price of gasoline was $3.40, now it is $2.23. According to the U.S. Energy Information Administration, 368.51 million gallons of gasoline are being consumed daily (2013 statistics). At last years price, that adds up to $8.76 billion dollars a week.

With 2015’s drastically reduced gas prices, the weekly total is $5.75 billion or about $3 billion a week saved. With 320 million people living in the U.S. the savings are about $9 per person per week.