PrintOctober 12, 2008
Gasoline price: biggest drop ever
Reuters reports the good news:
The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on October 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey.
The sharp decline in oil prices is pumping more money into the United States financial system, and is starting to put more money in Americans' pockets. Because there is a lag, the drop in gasoline prices is going to continue. It won't completely compensate for recent financial losses, but it is a helping the economy. The market system is wondrous mechanism with its own equilibrating effects.
Hat tip: Richard Baehr
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