Nationally, gas prices have been dropping for several months and are expected to continue to do so throughout the holiday season, according to the AAA Daily Fuel Gauge Report.
In fact, the national price per gallon average has fallen for 67 consecutive days, amounting to a total drop of 58 cents, according to a press release from AAA.
In the last week, the national average has dropped another four cents.
The average price is now the lowest it has been since Oct. 7, 2010.
Americans who traveled for Thanksgiving purchased gas at the lowest retail average at Thanksgiving since 2009.
The average price per gallon was sitting at $2.74 in Indiana as of Dec. 2, according to Gas Buddy.
The average in Monroe County is just slightly higher at $2.77.
What kind of savings does all of this add up to?
Economists at Goldman Sachs estimate the savings from gas prices thus far are the equivalent of a $75 billion tax cut for U.S. households, according to a report from Market Watch.
For the average family, that means saving anywhere from $700 to $1,100 a year if petroleum prices maintain their current levels.
This is due to a continued drop in oil prices that began in June, hitting a five-year low — and prices just might go lower.
If petroleum prices remain at about $60 a barrel, the price of regular gas could fall within $2 to $2.50 at the pump, which would mean big savings for families, according to the Market Watch report.
The typical family purchases about 1,200 gallons of gas per year, and if gas averages $2.80 per gallon, that means up to $700 in annual savings.
If gas prices continue to fall and reach $2.50, that total could increase to $1,100 in savings.
Need more context? If the price of a chicken burrito from Chipotle is about $6.44 — without guacamole — that means drivers could save up to the equivalent of nearly 171 burritos.
That’s a lot of beans.
