14 DAY TRIAL // Just yesterday, the US Energy Information Administration published a new report saying that, come 2015, the average household in the country stands to spend considerably less money on gasoline than it did all throughout the year 2014.
Specialists say that, courtesy of a drop in retail gasoline prices and also thanks to emerging technologies that make cars and trucks more fuel efficient, yearly motor fuel expenditures in the US might just reach their lowest level in over a decade.
Just how much money will people save?
In its report, the Energy Information Administration explains that, all things considered, it is possible that in 2015 the average US household will spend roughly $550 (approximately €440) less on gasoline than it did this year.
Thus, households in this corner of the world are expected to spend an average $1,962 (€1,571) on gasoline all throughout the year 2015. This means that annual motor fuel expenditures in the US stand to drop to their lowest levels in 11 years.
What's more, the specialists behind this latest Energy Information Administration report wish to stress that annual gasoline and motor oil expenditures in the US last fell below $2,000 (€1,602) back in 2009.
“Household gasoline costs are forecast to average $1,962 next year, assuming that the Energy Information Administration's price forecast, which is highly uncertain, is realized,” reads an official statement on the matter at hand.
“Should the forecast be realized, motor fuel expenditures (gasoline and motor oil) in 2015 would be below $2,000 for the first time since 2009,” the report's authors go on to explain.
Both crude oil and gasoline prices are expected to drop
The US Energy Information Administration estimates that, come 2015, Brent crude oil and West Texas Intermediate crude oil, i.e. oil varieties that have a specific density and sulfur content, will sell for an average $68 and $63 per barrel (€54.5 and €50.4 per barrel), respectively.
It is expected that, as a result, gasoline prices will too fall to a considerable extent. It important to note that, as of December 15, the cost of gasoline in the US was one of $2.25 (€1.8) per gallon. It is understood that this figure represents the lowest price since October 2009.
All hail environmentally friendly technologies
As mentioned, increased fuel efficiency will too help lower annual motor fuels expenditures in the US in 2015. Thus, figures shared with the public by the Environmental Protection Agency prove the country's fleet is now much greener than it used to be.
Specifically, it appears that, whereas model-year 2005 vehicles have a fuel economy of 23.1 miles (37.1 kilometers) per gallon, model-year 2014 ones have a fuel economy of 28 miles (45 kilometers) per gallon. In the case of trucks, fuel economy has increased from 16.9 miles (27.1 kilometers) to 20.1 miles (32.3 kilometers) per gallon.
In its report, the Energy Information Administration points out that, the more fuel costs drop and the more fuel efficient vehicles in the country get, the more money people will have at their disposal to spend on other goods or services, or simply set aside for harsher times to come.
