The price of crude has a noisy relationship with prices at the pump, but they clearly correlate to some degree.
A couple of weeks ago, I was expecting gas prices in Savannah to slip to $3.30 or less per gallon based on the historical relationship to crude prices.
But instead we’re seeing prices at the pump inching back up — to an average from $3.61 from $3.49 just a week ago. While lower pump prices haven’t been established as a form of economic stimulus, surely lower prices are good for the short-term prospects of the economy. And we know that HIGHER prices are an almost immediate drag on the economy.
Anyway, here’s the updated feed from GasBuddy.com:
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| Savannah Historical Gas Price Charts Provided by GasBuddy.com |