Low gas prices are kind of like a $1 billion daily bailout

Photo by glenn.batuyong. Licensed under Creative Commons license 2.0.

Remember those $4 a gallon gas prices? They were costing America a lot, more than I realized. According to the chief oil analyst for Oil Price Information Service, Tom Kloza, today's lower gas prices are the equivalent of Americans saving a billion dollars a day on gas. While that certainly takes a bit of the bite out of people's energy budgets, there are other ways to look at what Kloza is saying. While the Detroit Free Press highlights the money saved in comparison to the $1.6 billion or so that Kloza estimates Americans were paying each day in July; some of us might prefer to note that we will pay $611.5 million for gas today. And we'll will do so again tomorrow. And we're not even using that much less gasoline than we were in the summer. What a way to ring in the new year.

[Source: Detroit Free Press via Blogging Stocks]