Friday, July 22, 2016

Americans Spent Gas Savings on Dining, Shopping ... and More Gas

Falling oil prices saved Americans hundreds of dollars at the gas pump in 2015, and a lot of them spent those savings … at the gas station.

Middle-income households saved an average of $477 through the year, thanks to gas prices that fell 28 percent from 2014. The biggest business winners of the gas-price windfall were restaurants and retailers, both of which saw their share of consumers' budgets increase. The data come from a report by the JPMorgan Chase Institute published Thursday.

A big chunk of the gasoline savings — a full $155 — was spent right back at the gas station. Consumers bought more gas, higher-quality gas and snacks....

See the rest of the findings courtesy of CNBC:

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