Analyst Trilby Lundberg: It appears the rate of decline is slowing
CAMARILLO, Calif. - The U.S. price of gasoline fell about 7 cents a gallon during the past two weeks to $2.49, for a gallon of regular unleaded.
That’s according to the national Lundberg Survey of fuel prices released Sunday.
Analyst Trilby Lundberg says it appears the rate of decline is slowing. The latest average price of regular gasoline is $1.51 below the price at the same time last year, which peaked at an all-time high of $4.11.
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Editors Note: This is interesting because gas prices went up, (on average here on the Shore) 4 cents per gallon since yesterday.
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We are slowly learning the lesson
ReplyDeleteof supply and demand.
Existing supply and demand have little to do on the rising price of gasoline we've seen the past several weeks. Gas stockpiles in the U.S. are at an all-time high and demand has remained consistent, yet the price of gas has been going up. What's driving the price up are oil futures speculators and hedge funds. Everytime the stock market goes up, the speculators see this as a sign that the recession is coming to and end, and with the end of the recession they foresee corporations throughout the nation and the world ramping up production, and thus a higher demand for oil produced energies. The speculators, looking into their crystal ball, bid the price for a barrel of oil up. This isn't for existing demand, but for demand which hasn't even occurred.
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