Update: A

recent CD post

reported that American consumers save $1.42 billion annually for every one penny decrease in retail gasoline prices. According to

EIA data

, the average retail gasoline price peaked in early July at $4.165 (national average) per gallon, and is now at $2.914, a decrease of 125.1 cents (see chart above). That fall in gas prices translates into a $177.6 billion savings for U.S. consumers over a one-year period, and there'll probably be more to come as gas prices continue to fall.

And in Texas, where gas prices are down to

$2.02 in some areas

, the $2 per gallon fall in gas prices there (from $4 in July) would translate into almost $300 billion worth of annual consumer savings (actually $284 billion).

As Dennis Gartman wrote in "

The Gartman Letter

" last Friday:

"This [$177 billion savings] dwarfs by a huge factor the recent tax rebate checks that went out to the nations taxpayers and which helped bump up the economy in the summer. That was a one-off event; the weakness in gasoline prices is an on-going one instead. This is a tax cut of massive proportions... beyond anything that Obama might promise."