Monday, February 23, 2009

Price of gasoline continues to slide off recent peak, headed lower

Although speculators had pushed the price of crude oil and gasoline up in January and early February, with the retail price of gasoline peaking recently at about $1.96 over a week ago. Today, the AAA Daily Fuel Gauge Report shows the national average retail price for a gallon of regular unleaded gasoline at $1.910, about a nickel below the recent peak.

Wholesale gasoline futures have declined lately, with April RBOB unleaded gasoline futures at $1.1535, indicating that retail prices could fall to $1.75 to $1.80 within a few weeks, about 15 cents below the current price level. March futures are down to $1.0450, but trading will shift to April futures after the end of the month, next week.

Gasoline below $2 continues to mean more cash in the pockets of consumers and less pressure on their budgets as well as the budgets of businesses and governmental entities. It also means more traffic on the roads.

-- Jack Krupansky

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