Gasoline Prices Follow Suite With Oil's Downward Spiral
Oil prices have been dropping consistently over the past week, especially last Friday. What does this mean for gasoline? Will it be able to break free of this trend? Unfortunately, probably not. Ronald White has put together an in depth explanation for this current trend.
"…Oil’s slide was continuing Monday on a volatile trading day. West Texas Intermediate crude, the U.S. benchmark, was down an additional 56 cents to $90.61 a barrel after falling as low as $89.61 a barrel on the New York Mercantile Exchange. The U.S. benchmark has fallen 15% in the second quarter.
Brent crude, the European benchmark, was off 17 cents to $104.95 a barrel, having dropped as low as $102.28 a barrel on the ICE Futures Exchange in London. Continuing concerns about the strength of the global recovery and angst over European debt levels, particularly that of Greece, were seen as the biggest factors…
…Currently, the average price of a gallon of gasoline in California is $3.837 a gallon, down from $3.903 a week ago. That’s also down from a high of $4.25 a gallon in May, but still significantly higher than the year-ago average of $3.135 a gallon. The retail gasoline figures are from the AAA Fuel Gauge Report, which monitors prices collected by the Oil Price Information Service and Wright Express at more than 100,000 service stations across the nation."
Find additional research and charts: http://turnkeyoil.com/2011/06/29/gasoline-prices-follow-suite-with-oils-downward-spiral/