WASHINGTON, Dec. 16 (UPI) -- Consumer benefits of low oil prices are "abundantly clear" as U.S. drivers are saving more than $400 million per day on gasoline, motor club AAA said.
AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.53 for Tuesday, about a penny less than Monday and 70 cents less than this date in 2013.
"Holiday cheer has come early for the motoring public, with the average for retail gasoline at its lowest level in more than five years," the motor club said in a Monday price briefing.
Low oil prices are driving down the price at the pump, falling for 82 consecutive days and down $1.16 from the peak price reached April 8. AAA estimates U.S. commuters are saving more than $400 million each day from what they paid last year for regular gasoline.
"The impact of falling global oil prices for consumers is abundantly clear in the retail gasoline market with prices lower nationwide on the week, month and year," AAA said.
Crude oil is trading in a bear market. The price for West Texas Intermediate crude, the U.S. index, is trading at nearly half of its June high of $107.26. AAA said continued concerns about sluggish demand, combined with the glut of crude from North America, means the crude oil market should continue looking for a bottom.
The U.S. Energy Information Administration in a separate brief said that, despite the historic lows, consumer habits aren't changed much in terms of travel.
"Gasoline is a relatively inelastic product, meaning changes in prices have little influence on demand," the brief read.
AAA said, barring any unforeseen events, gas prices should remain low for the foreseeable future.
