The price of oil has dropped below $94 a barrel, and gasoline prices have been falling as well. The ongoing decline in gas prices in the United States may be helped by low travel levels over the Memorial Day weekend. If the trend continues into the July 4 weekend, it is safe to assume that prices will stay down until Labor Day. Along with the drop in travel, gas supplies have been abundant, and there have been no major refinery closings or huge storms that might undermine production.
The AAA Fuel Gauge shows price levels for a gallon of regular are about the same as a year ago. Yesterday the price was $3.626, against $3.641 the same day last year. However, the recent trend is downward. A week ago, the price per gallon was $3.654. If low gas prices tend to help disposable consumer income, then consumer spending in the second and third quarters could be moderately strong.
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