economy

TRUMP EFFECT: Gas Prices Hit 12 Year Low For Time of Year

Just ahead of the July 4th weekend, American gas prices are bottoming out to 12 year lows for the second week of June.

President Trump has been widely commended for his business acumen long before he set foot in the Oval Office.  Even before being inaugurated, the then-President-Elect was shoring up a great deal of  corporate and consumer confidence, leading to the reinvestment of major corporations in the American workforce.  Industry leaders such as Ford and IBM insisted on creating plentiful jobs here in America, shunning the possibility of overseas manufacturing in the age of Trump.

Now, as the economy continues to soar to record highs, the so-called Trump Effect is hitting gas prices, and Americans have a few extra dollars in their pockets.

“The average nationwide gasoline price on Friday was the lowest for this point of the year since 2005, according to GasBuddy, a website and smartphone app designed to help drivers find the best deals at the pump.

“The immediate cause of the price break was the shock to global oil markets that came when the Energy Department reported this week that domestic inventories of both crude oil and gasoline had surprisingly surged the week before despite heavy driving on the Memorial Day weekend.

“Crude oil prices plummeted by more than 5 percent on Wednesday alone, and are near a one-year low at less than $46 a barrel.

“Drivers should be very happy because all prognosticators overestimated what they would be paying,’ said Tom Kloza, global head of energy analysis for the Oil Price Information Service. ‘This is a slump, a buying opportunity, and Americans can enjoy it. But I think it is a little bit of an anomaly, and I expect to see higher crude oil prices in the second half of the year.’”

The gas price dip couldn’t come at a better time.

Americans, while certainly a bit weary over the behavior in Washington D.C. over the course of the last several weeks, could truly use a getaway.  With a holiday weekend fast approaching, and the weather calling for bikinis, brews, and burgers, there is no better time for a quick reprieve at the pump.

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