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Bloomberg does an interesting report. We haven't seen $1.75 since about 2004! Is it time to buy the big SUV and Trucks again? I'm actually still putting up my Titan for sale because I know the price will go up again but my neighbor just bought a new 4x4. The cheapest I've seen around my area (Tacoma, Washington) is $1.59 for regular.
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Original story can be found here:
Bloomberg.com: U.S.
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U.S. Retail Gasoline Falls to $1.75 a Gallon, Lundberg Says
By Aaron Clark
Dec. 7 (Bloomberg) -- The average price of regular gasoline at U.S. filling stations fell to $1.75 a gallon, the lowest price in more than four years, as the economic decline curbed demand.
Gasoline slipped 22 cents, or 11 percent, in the two weeks ended Dec. 5, according to oil analyst Trilby Lundberg’s survey of 7,000 filling stations nationwide.
“Most of the cause is crude oil and we can see it as crude prices fell over $9 in that same two-week period,” Lundberg said in a Bloomberg Radio interview. “That’s the equivalent for what gasoline did, down 22 cents a gallon.”
Crude oil, which accounts for about 59 percent of gasoline’s pump price, has tumbled 72 percent from a record $147.27 a barrel reached July 11 on the New York Mercantile Exchange.
“This is an extraordinary time; the peak price was in July at $4.11 for regular grade, so it’s down $2.36 since then,” Lunberg said. “ The drop to $1.75 a gallon is the lowest we saw since March 2004, nearly five years ago.”
AAA, the nation’s biggest motoring club, said today that regular gasoline at the pump averaged $1.733 a gallon, down 58 percent from the record $4.114 on July 17.
The U.S. entered a recession in December 2007, the National Bureau of Economic Research, a non-profit panel of economists that dates American business cycles, said Dec. 1. Employers cut 533,000 jobs, bringing losses so far this year to 1.91 million, the Labor Department said earlier this week in Washington.
Crude Tumbles
Crude oil for January delivery on the Nymex dropped $2.86, or 6.5 percent to $40.81 a barrel on Dec. 5. Oil fell 25 percent since Nov. 28, the biggest weekly decline since the Persian Gulf War in 1991, as U.S. employers cut jobs in November at the fastest pace since 1974.
U.S. gasoline demand dropped 0.3 percent in the period, the smallest decline since April, as fuel prices fell, a Dec. 2 report from MasterCard Inc. showed.
Motorists bought an average 9.36 million barrels of gasoline a day, down from 9.39 million a year earlier, MasterCard, the second-biggest credit-card company, said in its weekly SpendingPulse report. It was the 32nd consecutive weekly decline.
The highest average price for self-serve regular gasoline in the U.S. was $2.54 a gallon in Anchorage, Alaska, Lundberg said. The lowest was in Cheyenne, Wyoming, at $1.46 a gallon. On New York’s Long Island, “a much bigger market,” the price was $2.10 a gallon, Lundberg said.
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-------------------------------------------
Original story can be found here:
Bloomberg.com: U.S.
-------------------------------------------
U.S. Retail Gasoline Falls to $1.75 a Gallon, Lundberg Says
By Aaron Clark
Dec. 7 (Bloomberg) -- The average price of regular gasoline at U.S. filling stations fell to $1.75 a gallon, the lowest price in more than four years, as the economic decline curbed demand.
Gasoline slipped 22 cents, or 11 percent, in the two weeks ended Dec. 5, according to oil analyst Trilby Lundberg’s survey of 7,000 filling stations nationwide.
“Most of the cause is crude oil and we can see it as crude prices fell over $9 in that same two-week period,” Lundberg said in a Bloomberg Radio interview. “That’s the equivalent for what gasoline did, down 22 cents a gallon.”
Crude oil, which accounts for about 59 percent of gasoline’s pump price, has tumbled 72 percent from a record $147.27 a barrel reached July 11 on the New York Mercantile Exchange.
“This is an extraordinary time; the peak price was in July at $4.11 for regular grade, so it’s down $2.36 since then,” Lunberg said. “ The drop to $1.75 a gallon is the lowest we saw since March 2004, nearly five years ago.”
AAA, the nation’s biggest motoring club, said today that regular gasoline at the pump averaged $1.733 a gallon, down 58 percent from the record $4.114 on July 17.
The U.S. entered a recession in December 2007, the National Bureau of Economic Research, a non-profit panel of economists that dates American business cycles, said Dec. 1. Employers cut 533,000 jobs, bringing losses so far this year to 1.91 million, the Labor Department said earlier this week in Washington.
Crude Tumbles
Crude oil for January delivery on the Nymex dropped $2.86, or 6.5 percent to $40.81 a barrel on Dec. 5. Oil fell 25 percent since Nov. 28, the biggest weekly decline since the Persian Gulf War in 1991, as U.S. employers cut jobs in November at the fastest pace since 1974.
U.S. gasoline demand dropped 0.3 percent in the period, the smallest decline since April, as fuel prices fell, a Dec. 2 report from MasterCard Inc. showed.
Motorists bought an average 9.36 million barrels of gasoline a day, down from 9.39 million a year earlier, MasterCard, the second-biggest credit-card company, said in its weekly SpendingPulse report. It was the 32nd consecutive weekly decline.
The highest average price for self-serve regular gasoline in the U.S. was $2.54 a gallon in Anchorage, Alaska, Lundberg said. The lowest was in Cheyenne, Wyoming, at $1.46 a gallon. On New York’s Long Island, “a much bigger market,” the price was $2.10 a gallon, Lundberg said.
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