Real Gas Prices Approach 7-Year Low, Saving U.S. Consumers and Businesses $1 Billion Per Day

Gas prices reached a new 2008 low of $1.61 per gallon, which is the lowest inflation-adjusted price since March 2002 (using EIA data), as real gas prices approach a 7-year low. From the $4.12 per gallon peak in July, American consumers and businesses are now saving $357 billion on an annual basis from the cost savings of lower gas prices, or almost $1 billion per day.