The severe economic downturn here in the US has lead to all sorts of bad news. Layoffs, business closings, and bailouts dominate the headlines, and good news can be hard to find. One of the only reasons to hold our heads high has been the unprecedented drop in gas prices. The recession has caused a decrease in oil demand, which has lead to fuel costs that dropped from $4.11 per gallon in July to $1.62 today. That's a decrease of almost $2.50 per gallon in only five months.
Tom Kloza, chief oil analyst for Oil Price Information Service, says the meteoric fall of fuel prices has been so dramatic that Americans are now paying $1 billion less per day than they were in July. The extra cash in Americans' pockets is likely helping to avoid an even greater financial calamity, though even a billion a day isn't going to make the recession go away. Still, it's nice that we can go to the gas station without consulting with a financial analyst or raiding the children's college fund.

[Source: Detroit Free Press]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Share This Photo X