Lower Gas Prices Means Paying Down Debt

Wednesday, December 17, 2014

BROOKLYN PARK, Minn. -- Plunging gas prices have Americans spending $250 million per day less on gasoline than a year ago.

A GasBuddy survey of more than 100,000 respondents finds that 83% will save the difference or reduce debt while only 14% say they will spend it on holiday presents.

Among those planning to travel, 23% said that lower gas prices are affecting their plans. They’ll drive greater distances (29%), buy more gifts (35%), spend more on food (11%) and stay at more expensive lodging (8%).

“Nearly half of us find year-end travel stressful and the greatest single cause of it, apparently, is traffic, with inclement weather followed closely by cost,” said Patrick DeHaan, senior petroleum analyst with GasBuddy.com, in a prepared statement. “But with some extra cash in our pockets, that may help many of us get an early start and avoid the traffic with 36% of travelers saying they’re hitting the road on Saturday or Sunday.”

As of 4:35 p.m., Tuesday, average price of a gallon of 87-octane regular in Youngstown, Ohio, was $2.476 per gallon.

Additional findings from the GasBuddy December Holiday Travel 2014 survey:

• Saturday will be the busiest travel day, with 29% planning to hit the road to start the holiday season.
• The metropolitan cities where residents find it the most challenging to escape, ranked from first to last: Los Angeles, New York, Atlanta, Seattle and Washington.
• The cities least challenging to escape: Cleveland, Philadelphia, Phoenix, Denver and San Francisco.

Published by The Business Journal, Youngstown, Ohio.
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