A Little Weight Loss at the Pumps
U.S. oil prices have dipped significantly from the spring, but the decrease for consumers has not been as significant.
CNN Money recently reported that the cost of U.S. oil has fallen 25 percent since reaching new highs in May. But gasoline prices have only decreased 10 percent.
Motorists will most likely spend less but they should not expect a huge windfall.
Labour Day typically means lower gas prices as North America switches to less-expensive and less refined “winter gas.”
Since Hurricane Irene “under-performed” and activity in Libya also contributed to lower prices, reported the news outlet.
However, analysts are still treading lightly. They said the lower oil prices seen in the United States recently do not truly reflect the actual price of oil in the global market. Plus, demand from the developing world remains strong.
