Mark Perry at Carpe Diem has a post about the savings from lower gas prices:
In that case, the $1.10 per gallon decrease in gas prices from $4.12 in July to $3.02 today (see chart above, data here), would represent annual consumer savings of $188 billion from the fall in gas prices just so far over the last three months.
If gas prices continue to fall over the next month (which seems likely), it could be like a $200-$300 billion tax cut for the economy.
That is good news anyway you slice it. If the money markets get straightened out the next President may get a gift of an economy better than expected. Let’s hope it happens before the politicians do anything stupid to stop it or take credit for it.