The economic burden of near $4-a-gallon gasoline is not evenly shared. The West Coast is bearing more than its fair share of the pain while refiners near the Rockies region gorge on cheap, local crude.
Imagine there were a simple policy that would spur economic growth, lower gas prices and please international allies. This policy exists: removing the United States' irrational and outdated ban on exporting domestically produced crude oil.
Today's jobs report was a big sigh of relief. Unemployment fell. Retail jobs were added in solid numbers, and there were big upward revisions to March and February numbers. America seems to avoiding recession, even with the hit from the sequester. So how are things chugging along? Part of it may be expansive monetary policy, but there's another factor that's starting to turn bullish for the consumer: Gas prices. Here's a look at the year-over-year change in the cost of the average gallon of gasoline.
Submitted by Charles Kennedy via OilPrice.com, Retail gasoline prices have dipped below $2 per gallon across the United States. But gas might drop below $1 per gallon soon in some places of the country.
Canadian drivers are getting extra spending power as fuel pump prices drop near $1 a litre for the first time in about four years even as lower oil threatens the fifth-largest crude-producing country’s economic recovery.
Ten of the 11 recessions in the United States since World War II have been preceded by a sharp increase in the price of crude petroleum. Oil had been holding around $80/barrel over the last month, but traded as high as $87 last week, leading the Financial Times to ask whether oil could give the "kiss of death to recovery." Here is how I would answer that question.
This post is a guest contribution by Dian Chu, market analyst, trader and author of the Economic Forecasts and Opinions blog.Just in time for Christmas, On Wednesday, Dec. 22, U.S. gasoline prices hit an average $3 a gallon for the first time in more than two years, according to AAA’s Daily Fuel Gauge Report. Meanwhile, U.S. stocks and oil also climbed to the highest levels since 2008.