Fuel Prices Continue To Drop In Australia $$$
So the average household in Australia is about to add an extra $850.00 to their savings account thanks to lower fuel prices, some will consider this a Happy New Year. Schneider Electric’s Matt Smith was the bearer of good news, saying that Australians may save as much as $150 billion on refueling costs in 2015. That’s the math when you figure an average of $1.50 a Litre, which is higher than prices are today. Overall, it’s “an excellent thing,” Smith says.
Fuel prices are averaging about $1.20 a litre right now, according to RAA. That’s down from $1.45 a month ago and represents a hefty 20 plus percent tumble from the $1.92 Australians were paying for a litre a year ago.
Interestingly, the extra cash in your pockets isn’t likely to be enough to prompt you to drive more. Last month is was estimated by US Energy Information Administration (EIA), that the price would need to fall as much as 50% before people will drive even just 1% more than they already do. The impact of dropping prices is much smaller that shown a few decades back as we’re more set in our ways with our driving habits these days. Plus, vehicle miles per capita stats are still falling with urban sprawl slowing and more people are using public transport and other alternatives.