by Bill McBride on 7/15/2012 04:13:00 PM
Sunday, July 15, 2012
From Reuters: Gasoline prices fall more, but slide may be over: survey
The Lundberg Survey said the national average price of self-serve, regular gas was $3.41 on July 13, down from $3.478 on June 22, and from $3.615 a year ago.Oil prices have rebounded some. Brent is back up to $102.62 per barrel (after falling to $89 per barrel on June 25th), and WTI is up to $87.10.
Gasoline prices have fallen 14 percent from a recent peak of $3.967 a gallon set on April 6.
Trilby Lundberg ...said prices may soon enter a period of "comparative stability,"...
Professor Hamilton recently presented a calculator from Political Calculations that estimates the cost of gasoline based on Brent oil prices. Currently this suggests a price of around $3.40 per gallon - about the current price.
The following graph shows the decline in gasoline prices. Gasoline prices are down significantly from the peak in early April, but up a few cents over the last two weeks.
Note: If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.
|Orange County Historical Gas Price Charts Provided by GasBuddy.com|
• Summary for Week Ending July 13th
• Schedule for Week of July 15th
Posted by Bill McBride on 7/15/2012 04:13:00 PM