Yes, and this one affects everyone – maybe more than you’d think.

In a recent post I offered 5 suggestions to help save money as gas prices continued to rise.

This week another way to save money is front and center in the news. No, it isn’t a tire gauge – although that will save you 3%, about 12 cents a gallon — it’s slowing down on the road. By reducing speed, drivers can save over 20% a year on gas and truck drivers stand to save about $25,000 a year.

The US Department of Transportation says the average vehicle’s fuel efficiency drops by 23% when speed’s increased from 55 mph to 75 mph. As the chart shows, slowing down keeps money in your pocket.

Source: US Transportation Energy Data Book

Today’s news from the Institute for Supply Management (ISM) was better than expected. The supplier deliveries index is up — which is normally good news because it’s a proxy for road congestion. The theory behind the ISM index is: If roads are congested the economy’s red hot and truckers can’t get to their destination on time.

Unfortunately, high diesel fuel prices have turned the world upside down. Truckers are voluntarily spending more time on the road, sacrificing time at home, for fuel savings. At these prices something has to give.

The cost of transporting goods has gone up to help offset rising fuel costs. And that cost is trickling down the ladder to consumers.

But what does that mean for a trucker?

Ron Dickson of 18wheeler gave me a rough approximation: Estimated miles per gallon for an 18-wheeler is anywhere from 3.6 mpg to 8.5 mpg. So if peak performance is at 55 mph let’s assume we could get 6.5 mpg. If the Government’s right and driving at 75 mph drops your fuel efficiency by 23%, you’d get 5.0 mpg (a very commonly quoted average) when you drive 75 mph. And we’ll estimate a driving distance of 120,000 miles a year, which isn’t uncommon. The cost of diesel fuel is about $4.50.

So, how much would a trucker save by slowing down from 75 mph to 55 mph?

The answer: Around $25,000 over the course of the year. Of course this comes at a human price, 582 more hours per year on the road. That’s nearly 12 hours more on the road per week.

Slowing from 75 mph to 65 mph would give you more than half the savings. A fuel savings of $16,000 and you’d be on the road 5 hours more per week.

What else can truckers do to save money? Well if they really value their time, there is another way to go. Purchase an aerodynamic Colani-designed Mercedes semi. They claim to save you an even greater 30% in fuel efficiency. But they look like something from a science fiction TV show, so be ready to check your pride at the door. Here’s the picture…

Source: Colani-designed Mercedes semi

I warned you…

In our weekly “Ask the Economist” feature, our resident Economist, Mike Donnelly, will be tackling your questions about the economy. If you’ve got a question — and no topic is too big or small — you’d like him to field, e-mail us at economist@pbp.com or leave your queries in the comments section.

Tags: Gas prices, Save money, Speed reduction, Trucks