Shale Boom Helping American Consumers Like Never Before
Oil traders might see the 27% slide in global prices as a bear market. For U.S. consumers, it’s more like an early holiday gift.
The drop in crude has pulled retail gasoline down more than 50 cents a gallon from the year’s high in April. That means annual savings of $500 for the average U.S. household, which consumes about 1,000 gallons of fuel a year, according to data from the FHA and EIA.
“That’s like somebody putting dollars right in your pocket,” David Hackett, president of Stillwater Associates, an energy consulting firm in Irvine, California, said by phone Oct. 14. “That sounds like Christmas presents, going out to dinner, being able to do something.”
The slide in gasoline represents the biggest benefit that U.S. consumers have seen to date from a record boom in domestic oil prod
Oct 17, 2014