The American Automobile Association issued a press release recently highlighting the fact that American’s are consuming more gasoline, while at the same time prices are dropping.
The spring and summer months are synonymous with travel, vacationing, and rising gas prices. Most years the cost of gas increase at the same time as the summer travel season. This is attributed to increased demand adding to the value of fuel. This summer is shaping up differently. OPEC is anticipated to increase production of crude oil. This potentially increased in production is fueling speculation that is driving down the price of oil and gasoline. This is good news for consumers. This gives them more money in their pockets to spend in other sectors of the economy. It is also good news for professional drivers who now will have a smaller percentage of their earnings go toward fuel at a time when historically the overhead costs increase.
What do you think the outcome of the reduced gasoline prices will be? How will this news influence your summer plans?
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