- Aug 18, 2012
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....some good news for US consumers:
The drop in gasoline prices was led by a decline in worldwide energy demand, which drove oil prices lower. The national average price for regular gasoline stood at $3.33 a gallon on Thursday, according to AAA. A year ago, the average price at the pump was $3.34.
However, historically, they are still high....along with oil company profits:
Although gasoline prices have fallen from recent peaks, they are still higher than they were throughout the past several years. Along with elevated oil and natural gas prices, this has powered a series of record-breaking quarterly profits at energy companies like Exxon Mobil and Chevron. The net income of global oil and gas producers is set to double this year, to an “unprecedented” $4 trillion, the International Energy Agency said in a recent report.
www.nytimes.com
The drop in gasoline prices was led by a decline in worldwide energy demand, which drove oil prices lower. The national average price for regular gasoline stood at $3.33 a gallon on Thursday, according to AAA. A year ago, the average price at the pump was $3.34.
However, historically, they are still high....along with oil company profits:
Although gasoline prices have fallen from recent peaks, they are still higher than they were throughout the past several years. Along with elevated oil and natural gas prices, this has powered a series of record-breaking quarterly profits at energy companies like Exxon Mobil and Chevron. The net income of global oil and gas producers is set to double this year, to an “unprecedented” $4 trillion, the International Energy Agency said in a recent report.
U.S. Gas Prices Are Now Lower Than a Year Ago
A visible symbol of inflation for much of the year, prices at the pump have been driven down by reduced global demand and tumbling oil prices.
