President Donald Trump has been an enigmatic figure as it pertains to the U.S. economy, and Americans are feeling that in a big way this week.
The 4th of July holiday has long been used as an excuse to pack up the recreation gear and get out of town. This celebration of America and all that she stands for pairs perfectly with the urge to explore more of our great nation, and holiday revelers are often holiday travelers this week. Thanks to the President, and the omnipresent “Trump Effect” that he has ushered in, Americans are getting a very welcome surprise as they prepare to take to the interstates.
“The average price nationwide for a gallon of regular is $2.23, down 15 cents from a month ago, according to AAA.“And really cheap gas is even more common than suggested by that average: About 25% of gas stations nationwide are selling gas for $2 a gallon or less.“The last time gas was this cheap heading into Independence Day was 2005.
“But wholesale gasoline prices have already started to climb up, and that will probably translate into modestly higher prices at the pump in coming days, said Tom Kloza, chief oil analyst for the Oil Price Information Service, which tracks gas prices for AAA.”
“‘I think today’s number might be about as low as it gets this summer,’ Kloza told CNNMoney.
“The price of crude oil has started to creep up as U.S. oil production has declined recently, he said. But demand will stay strong. ‘From now to Labor Day, there’s no question we’ll use plenty of fuel,’ Kloza said.”
The Trump Effect has brought the nation great economic news in recent months, as major manufacturers are lining up to reinvest in the American workforce.
Stock markets have also been soaring, with several long-held records being broken in June of 2017 as Trump helms the American financial ship. It comes as no surprise that gas prices would also correct under these circumstances, and the price of a gallon of gas was quite often a perceived feather in the cap of the otherwise-ineffective former President Barack Obama. As gas prices dip, Americans are left with extra disposable income, much of which will be spent on holiday weekends such as the one we are currently enjoying. All of these factors are combining now to create what could be a serious upturn in the economic impact of the Fourth of July.