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Gasoline prices continued to drop along with oil. There is some hope that the collapse could help the US economy in the second half as Americans continue to contend with persistently high unemployment and home prices which for the most part continue to drop.

According to the Lundberg Survey, the average price of regular gasoline at U.S. fell 15.9 pennies in the past three weeks which ended June 8 to $3.6243 a gallon. Gas price nearly reached $4 a quarter ago. A sharp slowdown in the Chinese and European economies have contributed to a drop in oil prices which has taken Brent from nearly $120 to under $100. OPEC still claims to pump crude a near-record levels. And, the tension about Iran’s weapons programs has cooled.

Most of the gas price data is confirmed by the daily AAA Fuel Gauge report

Douglas A. McIntyre