Real Price of Gas Approaches Historic Record-Low?
Submitted by CARPE DIEM
Gas is now available in Kansas City for as low as $1.49 per gallon, and the average retail price for gas is now $2.07 per gallon. Using real gas prices from the EIA (in November 2008 dollars), the chart above (click to enlarge) shows how today’s gas prices compare to past prices.
The last time real gas prices (national average) were as low as $2.07 per gallon was almost four years ago in January of 2005, and the last time real gas prices were as low $1.49 per gallon was almost seven years ago in February of 2002 (see chart above). Gas prices in Kansas City are within 27 cents per gallon of the lowest-ever real gas price of $1.21 in February of 1999.
The drop in gas prices from $4.12 in July to the current $2.07 per gallon will generate annual savings of almost $300 billion for American consumers and businesses (each $1 fall in gas prices = $142 approximately billion annual savings). Talk about a tax cut!
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