Analysis: US spent $3 billion more for gas this year than last - WCIV-TV | ABC News 4 - Charleston News, Sports, Weather

Analysis: US spent $3 billion more for gas this year than in 2012

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CHICAGO (WCIV) -- U.S. consumers spent $3 billion more in gas this summer than they did in the summer of 2012, according to an analysis by gas-price-tracking website GasBuddy.

Even though the price difference between the highest point and the lowest point of the summer was 18.7 cents -- compared to 2012's difference of 42.7 cents -- consumers spent significantly more money on gas.

"Even with prices remaining more stable this year than last, the average price of gas was almost 4-cents per gallon more for the duration of the summer. Having said that, for the 99 days between Memorial Day and Labor Day this year, Americans collectively spent approximately $2.9-billion more on gasoline this year than they did last year," said Patrick DeHaan, senior petroleum analyst.

But DeHaan says U.S. households could recover much of that money in the fall and winter, pointing to 2012's lowest price point per gallon of $3.23 that hit in December. DeHaan thinks prices could drop to $3.10 per gallon by the holidays. 

"That translates to collective savings of over well over $175 million per day versus summer gas prices-- just in time for Thanksgiving and Christmas holidays," he said.

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