Yes. This requires people to drive to work one less day. Assuming a five-day work week, this saves 20% of the gas otherwise. It’s not this simple, of course, because people may use the extra day off to drive to other places. But in general, commute distances to work will exceed other driving needs, meaning a four-day work week would indeed save gas.
I don’t think it would save that much gas in reality. In theory, it seems practical. But most people commute less than 50 miles a day anyway, so it’s not like the commutes are of great distances; however, if most people have a three-day weekend, more people are likely to travel further in that amount of time. It also allows for more free time to drive around doing errands, etc. Good idea, but I think it wouldn’t make much of a difference.
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