http://www.cnbc.com/id/102477074What happened to big savings at the gas pump?
John W. Schoen | @johnwschoen
Wednesday, 4 Mar 2015 | 2:31 PM ET
Some big savings at the pump seem to have gone missing.
The plunge in gasoline prices has generated a windfall for American drivers. But so far, there's little evidence those savings are producing a widely anticipated boost in consumer spending.
So where is all that money going?
There's no question the sharp drop in pump prices since last summer means a much smaller bite out of consumers' wallets. Though fuel prices have bumped up a bit, they're still some 30 percent lower than the five-year average cost.
Even though prices didn't fall until late last year, Americans saved some $14 billion on gasoline last year, or an average $115 per driver, according to estimates from AAA. The group figures if pump prices stay tame, those savings could amount to as much as $75 billion this year.
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