Still, the price decline could definitely be beneficial. The typical consumer spends about 18 percent of his or her money on transportation-related costs, estimates the American Institute for Economic Research (AIER) in Great Barrington, Mass. Of that 18 percent, about 28 percent is spent on gasoline and motor oil.

When gasoline was $2.94 a gallon, it cost about $6,320 to operate a small sedan 15,000 miles. The drop in the gasoline price reduces that to about $5,730 – a savings of $590, calculates AIER.

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