The widely followed Lundberg Survey showed that gas prices fell 6.75 cents to $3.8452 a gallon for the average price of regular based on national samples. The data for was the period which ended May 4. After a brief pause, the cost of gas has begun to move down again. It is likely to continue.
WTI dropped briefly below $100 last year. Most economists think that the fight over austerity in Europe will go on for months as many nations slip further into recession. And, Greece could still leave the EU which would likely drive it into depression. The fall-off in GDP among many Greek nations is likely to hurt China’s export machine which is another huge consumer of crude.
Douglas A. McIntyre
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