Crude oil prices were trading lower in early Monday trading, boding well for consumers praying for relief at the gas pump. But how quickly that relief comes is far from certain.
While that is good news that oil is falling and the Federal Reserve QE2 is ending everyone has a question.
The retail price of gasoline continues to fall, though not very fast. The national average price of self-serve regular was down about a half-cent today, to $3.955 a gallon, according to the daily AAA Fuel Gauge Survey.
It peaked May 5 at $3.985 a gallon and has fallen a fraction of a cent nearly every day since.
Where are the lower gas prices?So, why haven't gas prices at the pump fallen faster? Because traders still have one more fear – the rising Mississippi River that threatens to flood refinery-rich Louisiana. A Maryland wholesale distributor cited the floods last week in justifying an overnight 25 cents a gallon hike in fuel prices, a move that triggered Attorneys General investigations in both Maryland and the District of Columbia.
If gas prices continue to fall at the current rate they will still be substantially higher than they were year ago when the summer convention season begins in mere weeks. Unlike 2008, when gas prices spiked to over $4 USD per gallon, unemployment is substantially higher now than three years ago. It will be interesting to see if this has any impact on anime convention attendance.