How did Americans spend their gas savings? We now know
Gas prices went down in 2014. We know that. In fact, the average national gas price in December 2014 was a slim $2.50, down significantly from $3.25 a year prior, in December 2013.
But did that drop in prices lead to fatter wallets, or did Americans spend more on everything else instead?
According to exclusive data provided to CNBC by Cardlytics, a card-linked marketing firm, we now know exactly how those savings were spent. Here's the quick answer:
Fast food and online shopping.
The numbers show that consumers increased their gas consumption by 6 percent, to 33 gallons from 31 gallons for the month on average. Even with that 2-gallon-per-month increase, the cost savings were real, resulting in an extra $18 per month per person. (Quick math shows the product of 31 gallons times $3.25 per
Jan 22, 2015