You might want to wait a while before filling up the tank again.
As I’ve noted before, gas prices of late have been increasing when the economy has seemed to be doing better — and falling when there are fresh concerns about economic weakness, especially weak demand.
Take a look at this chart from GasBuddy.com of Savannah, Atlanta, and U.S. gas prices along with the price of oil. Obviously and logically, the price of oil is a leading indicator of prices at the pump.
So we could easily see per gallon prices for regular unleaded fall below $3.30 in the coming weeks. Maybe even lower.
It’s a bit of good news in the big scheme of things, but it wouldn’t be happening without fears of a global economic slowdown. Still, it will help prevent a double dip.
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| Savannah Historical Gas Price Charts Provided by GasBuddy.com |