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If youre one of those drivers considering downsizing your car only because of high gas prices (and maybe not for more environmentally-friendly reasons), you might not have to trade in that Escalade for a Fusion. Yet.
The price of a barrel of oil dropped by $9.44 on Thursday, lowering the price below $100 per barrel for the first time in two months.
The Associated Press reported Thursday that the per-barrel price reportedly dropped further to $97 per barrel early Friday, and the trend might not reverse itself any time soon. Some analysts foresee some relief at the fuel pump by Memorial Day weekend, with prices perhaps dropping to an average of $3.75 per gallon, and $3.50 by mid-summer. The price of a gallon of gas in Connecticut is averaging above $4 per gallon, with many towns paying much more than that.
The Wall Street Journal reports, however, that the decline in price might be short-lived. Friday's positive U.S. employment report showed job creation at an uptick in April, which helped send crude futures as high as $102.38. That, combined with growing world consumption (estimated at 1.5 million barrels a day in both 2011 and 2012, according to the New York Times), might conspire to keep prices at a higher level.
How much did you pay for gas at your last fill-up? If the price comes down, will you drive more? Please let me know here.
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