Santa may very well decide to trade in his reindeer this year for another set of wheels. Gas prices are the lowest they’ve been in six years. How low you ask? The national average is $1.99 a gallon. That’s the first time it’s dropped below the $2 mark since March of 2009.
When it comes down to it, cheaper prices at the pump are making a big difference in driver’s pocketbooks. AAA estimates that cheaper gas prices have saved Americans more than $115 billion on gasoline so far this year. That works out to more than $550 greenbacks saved per driver.
We can thank the economy of supply and demand for the lower pump prices. There is plenty oil and gasoline to go around and traditionally people don’t drive as much in the winter. Except during the holidays. AAA says more than 91 million Americans plan to take road trips 50 miles or more during the upcoming holiday period, thanks in large part to all the savings at the pump.
If you’re heading to grandma’s for the holidays, remember to bring along an emergency kit in case of road trouble.
Americans are on track this year to drive a record number of miles based on early estimates by the Federal Highway Administration. Americans drove more than 2.63 trillion miles through October of this year. That’s up 3.4 percent over the same period in 2014.