WTI crude reached a six month low, which is positive for nearly everyone other than the oil and gas industry. the price moved below $92, down from close to $110 less than 90 days ago. Part of the reason is that US supplies of oil are higher than expected. But, the most substantial reason is belief that demand in Europe will be historically low for this time of year. A drop in rapid expansion in China’s GDP may also be a cause for lower prices.
The most important effect on the US economy is that gasoline prices are plummeting. The cost for a gallon of regular based on a nationwide average calculated by the AAA is $3.728 compared to $3.727 the day before and $3.907 a month ago. The fall from the year ago price of $3.955 is extraordinary. The price of premium appears ready to drop below $4 for the first time in months.
There is school of thought among some economists that whatever factors might slow US GDP growth in the middle of this year will be partially offset by the lower cost of gas for American families which have to live paycheck to paycheck. With regular gas above $4, many could not be consumers of anything other than bare necessities. As gas prices fall, that should change.
Douglas A. McIntyre
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
