Saturday, July 26, 2008

Price drop of crude oil finally hits home

Gas stations customers finally have a reason to be relieved, because the dropping price of crude oil has finally reached gas stations nation-wide. The national average for a gallon of regular gas has pulled back to just above $4 a gallon. It has been stated that prices at the pump are poised to dip even further, and could cost as much as 25 cents less by Labor Day. AAA spokesman Geoff Sundstorm said, “People say typically prices shoot up like a rocket, fall like a feather. But this time… looks like it’s different,” “The retail sector is interested in bringing these prices down as fast as they can to stimulate business in their convenience.” The price of crude oil fell $2.23 and settled at $123.26 a barrel, and earlier the contract dropped even further to as low as $122.50.

1 comment:

christa schott said...

Gas prices have been affecting every aspect of the economy over the past couple of years, and this summer it has been even worse. The drop in prices will really boost the economy and consumer spending habits.