Gas Price Drops to Lowest Level in Five Months
June 29, 2012
American consumers head into the July 4th holiday with gasoline prices at their lowest point since January. The national average fell to around $3.40 per gallon on Tuesday, and the price is under $4 per gallon in every state in the continental United States.
Falling gasoline prices are a result of declining crude oil prices, which took another hit in trading Tuesday. U.S. crude fell below $79 per barrel on Tuesday, and brent crude traded under $92 per barrel.
Cheaper gasoline, however, has not spurred an increase in U.S. demand. Americans are buying about 5-percent less gasoline than they did last year, even though a gallon is 18 cents cheaper.
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Reprinted in part from Cattlenetwork.com