I'm surprised there's not been a weather-related phenomenon due to a collective sigh of relief this holiday weekend. It's been a long time coming.
"This is the first time I think in recent memory that I have ever seen gasoline prices go down before the holiday," said Phil Flynn, energy analyst for Alaron Energies. "It's going to be a tank-toppers delight."
But I don't envy the lines at the pump this weekend.
If you're on one of the coasts, I apologize for this. I just filled up for $2.38! The sky just looks bluer today.
Average U.S. gas prices have dropped more than 20 cents over the past month to $2.79 a gallon, according to travel agency AAA. The drop in prices at the pump has provided a bump in consumer confidence and the overall economy.
But the good news isn't shared by everyone.
“The gasoline bull market is definitely over,” said Michael Lynch, director of Strategic Energy and Economic Research Inc. of Winchester, Mass.
I know this has become an ongoing theme for me, but again it's the speculators who seem to have the opposite view of economic news than consumers.
Tom Kloza, director of Oil Price Information Service, predicted that pump prices could fall to $2.65 a gallon as early as next week given the huge drop at the wholesale level since early August. But he does not believe wholesale prices have much farther to fall.
Well, we can hope can't we?
Comment Preview