NEW YORK — Gasoline prices have tumbled almost every day this month, dropping Friday to a national average of $2.749 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service.
A gallon of regular unleaded is 12 cents cheaper than it was a month ago, 8 cents cheaper than just a week ago. The timing couldn’t be better for holiday travelers.
AAA says 1.6 million more Americans will hit the highways this weekend than last Memorial Day, but the travel club expects them to spend less than last year.
Gasoline is cheaper in part because of a plunge in oil prices. Crude’s fallen more than 15 percent since it hit an 18-month high of $87.15 on May 3.
Crude prices dropped again on Friday, as stock markets retreated from Thursday’s big gains on new worries about Europe. Rating agency Fitch downgraded Spain’s debt. The euro fell and the dollar gained strength. Oil is traded in U.S. currency, and a stronger dollar makes it more expensive to buy with foreign currency.
Mail this post
Random Posts
Posted under Oil and Gas News
This post was written by admin on July 7, 2010
