4:24 PM
(0) Comments
In this May 5, 2011 photo, the price for one gallon of unleaded regular gasoline is seen on the sign outside a BP gas station in Beachwood, Ohio. Americans are switching to more fuel efficient cars and driving fewer miles, but purchases of gasoline are still gobbling up an increasing chunk of the nation’s pocketbook. (AP Photo/Amy Sancetta) , On Saturday May 7, 2011, 5:03 pm EDT
NEW YORK (AP) -- Some relief from suffocating gas prices will likely arrive just in time for summer vacation. Expect a drop of nearly 50 cents as early as June, analysts say.After rocketing up 91 cents since January, including 44 straight days of increases, the national average this past week stopped just shy of $4 a gallon and has retreated to under $3.98. A steady decline is expected to follow.
It might not be enough to evoke cheers from people who recall gas stations charging less than $3 a gallon last year. But it would still ease the burden on drivers. And it might help lift consumer spending, which powers about 70 percent of the economy. A 50-cent drop in prices would save U.S. drivers about $189 million a day.
11:30 AM
(0) Comments
8:53 PM
(0) Comments