2008.11.18
Gas price relief is good news
Here's some good news in the midst of tough economic times. AAA Mid-Atlantic estimates that the average family in Virginia has about $200 more in their wallets or pocketbooks each month, compared with July of this year. It's because of significantly lower gasoline prices. I don't know about you, but I've definitely noticed a difference in my budget since the price of gas has slipped downward in the last month.
According to Martha Meade, who is manager of public and government affairs for AAA Mid-Atlantic, "for every dollar change in the price of a gallon of gas, the average family is going to spend or save $100 each month."
Today in Roanoke, the average price of a gallon of self-serve regular gasoline was $1.84, according to AAA. That's compared with $2.85 last month and $2.99 last year. Compare gas prices in other areas of Virginia on the daily fuel gauge report here.
I'll totally agree. I usually fill my car twice a month and my wife's 3 times. At the peak we paid $3.899 a gallon, and my car cost almost $50 a fill-up (for a gass sipping Acura Integra!) and my wife's Ford Escape cost $65. So that's $295 for a month for us...which our last fill-ups cost $22 for me and $30 for my wife, so $134 a month, a very nice savings of $161 a month. We're taking that extra money saved and using it to catch up on some minor car repairs and to pay off a couple lingering credit card bills, and hopefully the low gas prices will continue for a while to give folks some relief in these otherwise tough times. My best guess is that the extreme drop in gas prices will help to save numerous retailers and the holiday shopping season from being a complete bust and having a bunch of stores close due to the economy. It might only be a temporary reprive for some companies, but maybe it'll give enough of a short-term boost to help them ride this out until the economy picks back up. Time will tell I guess.
Comment by Other John — November 18, 2008 @ 10:55 am