Gas and oil prices continued to sell down on worry that the problems of Europe could spread across the world and tip many nations back into recession. The trouble in Europe has also put a cap on oil use there. Oil was off another eight cents and dropped to $92.27, near a multi-month low.
The average price of a gallon of regular gasoline dropped again yesterday according to the AAA Fuel Gauge. The level fell to $3.713, down from $3.899 a month ago and $3.926 a year ago. The dip may cause an uptick in travel among Americans this summer. This by itself will tend to simulate the economy as people spend money on vacations, even if they are modest ones.
Douglas A. McIntyre
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