Remember when we thought $2.55 for a gallon of regular was going to make for a good Christmas? Turns out the new average is $2.47, the lowest average price reported in five years.
Also: That's a photo shot by one of my relatives back in Louisville, Ky., where some stations are pumping gas for as low as $1.96/gallon.
Automotive News reports that by January 1, 2015, gasoline could be selling for as much as $2.25 to $2.40 nationally, a seasonal low not seen since 2008. The current average is down from a peak of $3.69 in April, hitting below $2.50 for the first time since October 2009.
Lower fuel prices — caused by OPEC's decision to play the short game against United States oil production, and, perhaps, to make Putin tap out — is putting more money into the pockets of consumers, who are, in turn, using the savings to buy new vehicles, including SUVs, CUVs and trucks.
The new-car rush is helping to make this December one to remember, with J.D. Power and LMC Automotive both forecasting a 10.4 percent increase in sales over last December. Both added that 2015 will see 17 million units sold for the first time since 2001, while this year will close at 16.5 million.
As for the oil, West Texas Intermediate is going for $53.60/barrel, while Brent is moving for $58.50/barrel. Both prices are the lowest recorded since May 2009.
The post Fuel Prices Fall Further, Auto Sales Soar Higher In December appeared first on The Truth About Cars.
from The Truth About Cars http://ift.tt/Jh8LjA
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