Gasoline prices dropped for the first time this year, according to the carefully followed Lundberg Survey . The service reports that the average price for a gallon of regular fell to $3.91 over the last two weeks–down $.05 from the two weeks earlier. “We can thank crude oil for allowing gasoline to do what it has been wanting to do for weeks, which is drop,” said publisher Trilby Lundberg. Lundberg also predicted that the price would fall again, if oil does not rise. And, it may not.
Concerns about a blockade of the Strait of Hormuz by the Iranian navy have fallen. Global refinery capacity is low, but warm weather seems to have undercut demand for oil. And, the economy of the world’s second largest importer of crude–China–has slowed since late last year.