According to GasBuddy, retail gas prices in the US have fallen in the last week to an 8-month low of $3.28 per gallon, which is 42 cents lower than the peak of $3.70 per gallon in April (see chart above). How does that price drop at the pump translate into savings for consumers?
According to the Department of Energy, Americans buy 365 million gallons of gasoline every day, so every one cent drop in prices at the pump saves consumers $3.65 million per day, and $1.33 billion dollars over a year. Therefore, the 42 cent drop in prices since April will save US consumers almost $56 billion over the next year compared to what they would have paid if gas remained at $3.70 per gallon.Some folks suggest a huge plunge in gasoline prices is equivalent to a huge tax cut.
ObamaCare Will Offset Drop In Gasoline Prices
The Los Angeles Times is reporting:
Diners are discovering an unfamiliar new item when the bill comes for the truffled lobster Bolognese at Melisse and for the crunchy Spanish fried chicken and waffles at AOC — a 3% surcharge for employees' medical insurance.
The charge first appeared at one Los Angeles-area restaurant late last year; by early September, more than a dozen mainly high-end eateries followed suit. The added cost has given some diners heartburn and thrust the restaurants' owners unwillingly into the debate over the Affordable Care Act.
The healthcare surcharge, the restaurant owners insist, isn't a political statement, but a way to offer valuable benefits to employees while maintaining their profits, which are slim even at the most successful establishments.Something tells me the surcharge "gag" won't last long.