Improvements in the U.S. economy and ongoing fear of supply interruptions in the Middle East kept Brent crude near to $125 a barrel. Many experts continue to argue that the level is so high that it will erode improvements in the U.S. economy, slow China’s gross domestic product and push Europe deeper into recession.
The case for a dent in American growth continues to gain traction as gasoline prices remain at incredible highs. The price actually ticked down a bit yesterday, but the fraction of a penny is not sufficient to give hope for relief. The average price across the country for a gallon of regular was $3.923, compared with $3.925 the day before, $3.764 a month ago and $3.662 a year ago. The case for $4 gas prices continues to be driven by the trend that usually takes hold as Americans increase the amount they drive in the summer.
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