Gas price perspective:
Nearly a third of Americans are cutting back on vacation and travel plans for later in the year, and 27 percent are cutting back on eating out because of record-high gas prices, a retail survey found Tuesday.
— CNN, 5/19/04 when gasoline hit $2 a gallon .
It is worth repeating that based on price moves that have already happened, the average household is going to reduce its spending on fuel, including transportation fuel, by $4,800 per year. Include the savings to the consumer from price decreases of other raw materials and the average household will spend $12,000 less in the next 12 months. This $12,000 increase in the family budget will not be taxable income, it is more like found money.
— Seeking Alpha. 10/28/2008 “Relief is on the Way.”
The average price of gasoline in Minnesota today is $2.20, but there are plenty of stations selling it for as low as $2.04, according to MinnesotaGasPrices.com.