Business & Tech
Gas Prices Tumbling, But Will It Last?
In the past two months, residents have seen regular gasoline drop nearly 30 cents in East Meadow.
Back in July, gas prices were heading towards a rather unsettling trend, but prices have tumbled ever since then.
In East Meadow, residents have seen regular gas drop from $3.95 per gallon on July 31 to $3.69 per gallon on Sept. 30. Plus fuel has dropped from $4.05 to $3.79 as well.
From Fox Business:
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Just how much has the price of gasoline tumbled? According to OPIS, the average U.S. pump price slid to $3.455 a gallon on Thursday – the lowest level since March 3. That represents a 13 percent decline from the 2011 high of $3.985, which was set on May 5, and is down from $3.556 a week ago and $3.612 a month ago.
The threat of a recession could be one attributing factor, but there are other things to consider as well.
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Even with the recent retreat, gas prices are still up 28 percent from a year ago and OPIS estimates U.S. motorists are spending about $1.3 billion every single day at the pump, according to the Fox Business report.
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