In case you hadn’t noticed, U.S. gas prices have been steadily dropping in recent months. No, this isn’t a holiday promotion on the part of your friendly neighborhood gas station—gas prices are following a steep drop off in global crude prices, which have nearly halved since June, as markets adjust to weak demand and abundant supply. Now, according to AAA, national price averages are coming down in ways they never have before. The Hill reports:
The auto group said the national average price of gas has fallen for 88 straight days, the longest period of daily declines ever tracked by AAA. […]“The current week-over-week drop of 15 cents is the largest such decline in more than six years. Motorists are paying 43 cents less than one month ago and 85 cents less than one year ago to refuel their vehicles,” AAA’s analysis said.
Lower oil prices will hurt some American shale producers, but will have a net positive effect on the American economy. Cheaper energy is always good news for businesses, and consumers will certainly enjoy the discount they’re getting at the pump. This holiday season, it will be cheaper to visit distant relatives than it has been in years. Drive safe, America!