Americans are spending the overwhelming majority of money saved at the petrol pump, according to research that clashes with survey evidence gauging the impact of the oil-price slump. New analysis of the spending patterns of 25m people shows that households spent about 80 per cent of the windfall they received as a result of lower fuel prices — higher than suggested by some early government estimates. The data from the JPMorgan Chase Institute suggests that the spending kick from lower gas prices has already been significant in a wide range of categories including dining out, entertainment and purchases of electronics and appliances — and that a rise in the price of oil could deliver a palpable blow to these areas. “Consumers report that they are using their gains at the pump to pay down debts and save. Our data show they are spending most of them,” said the report, published on Thursday.