People who have saved money on gasoline since the price of oil cratered didn’t actually save money. They spent it just as quickly, a study shows.
CNBC says some of the savings went right back into gasoline; consumers increased their gas consumption by 6 percent, to 33 gallons from 31 gallons for the month on average.
But it says most of the $18 on average consumers “saved” on gasoline, they spent on junk food and online shopping. In fact, spending increased by $45 on average, CNBC says.