Low Gas Prices Help Americans Save $1B Per Day
According to freep.com, things are almost 100 percent different today when compared to the mid-2008 period, with petrol prices reaching a very low level, all over the world. And Tom Kloza, chief oil analyst for Oil Price Information Service, says the Americans are now saving approximately $1 billion per day when it comes to gasoline prices, obviously thanks to the decreasing petrol prices which gained a descendent trend since August.
Basically, Americans were paying approximately $1.61 billion per day for gasoline on July 11, combined with an average price of $4.11 per gallon. These days, the United States residents are spending as much as $611.5 million for gasoline per day, with the average price decreased to $1.62 per gallon. Americans are now buying about 372.4 million gallons of gas per day, the analyst said according to the aforementioned source.
And analysts expect to see huge demand for gasoline these days, as “AAA estimates that approximately 2 million Michigan residents will travel 50 miles or more from home during the holidays,” freep.com wrote.
Petrol prices will continue their descendent direction in 2009 as well, Kloza explained, with spring to bring even lower prices than the current level.