The very long-term average price of a gallon of gasoline in June 2013 dollars going back to 1918, as reported here, is $2.60.
Using all items CPI since then to date, up 1.682%, $2.60 a gallon would come to about $2.64 today.
So this morning's national average of $2.532/gallon, if not officially CHEAP, is at least ON SALE at a discount of about 4%.
Sustained for a year, and hopefully longer, that would definitely mean something helpful to the American consumer's bottom line. Republican control of both chambers of Congress means it is more likely to continue than not, but you never know about these things. After all, both Newt Gingrich and Mitt Romney were for the ridiculously expensive ethanol fuel program and subsidizing it with your tax dollars, which has only driven up the price of animal feed, fuel itself, and food.
Stay tuned.
