Gas Prices Slow to Respond to Drop in Oil Price
The price of crude oil is plummeting on world markets, but when do consumers get a break at the pump?
The answer: It’s hard to say.
Gas prices in the United States actually have risen steadily over the past several weeks, from an average of $3.63 per gallon (about 96 cents per liter) in late June to $3.76 last week for all fuel grades. The climb only ended with this week’s convulsions in worldwide economic markets, in which oil prices crashed to their lowest levels in a year. This week’s U.S. average gas price was $3.70.
Market woes will continue to exert a downward pressure on gasoline prices, according to Troy Green of AAA, which tracks daily gas prices,