Now That Gas Prices Have Fallen

Driving in to my office today, I noticed how much faster cars were traveling than they were a month or so ago before gas prices dropped so sharply. I was driving between 65 and 70 mph (65 mph Speed Limit) and being passed like I was standing still. When gasoline was $4+ per gallon, I rarely noticed cars exceeding the speed limit. Now with gas prices dipping below $2 per gallon for the first time since 2005, you have to wonder if the reduced demand that forced prices down will turn around and result in higher demand and resulting higher prices.

According to the US Dept. of Energy, every 5 mph you drive over 60 mph, is like paying an additional $0.24 per gallon of gas (assumption based on gas at $2.07 gal.).

This got me wondering just how much time these drivers are saving on their commute by speeding. I drive about 18 miles to my office, 15 of those miles on the highway. At 60 mph, which the Dept. of Energy says is the most efficient speed for most cars; my 15 miles on the highway would take 15 minutes. At 65 mph, it would take 14 minutes and at 75 mph, 12 minutes. So at 75 mph, I would save 3 minutes at an additional fuel cost of $0.48 per gallon.

Even if my commute was 45 miles, the difference between 60 mph and 75 mph is only 9 minutes. On a 100 mile trip the difference between 60 mph and 65 mph is only 8 minutes and between 65 mph and 75 mph only 12 minutes.

Now how much time do you think people would spend driving to a gas station that was selling fuel for $0.48 less per gallon? Probably a lot more than 12 minutes!

http://www.fueleconomy.gov/feg/driveHabits.shtml

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24 Nov