The average price for a gallon of gasoline hit a six-month low today.
According to AAA, national survey of more than 100,000 gas stations today’s average is $3.41. The AP reports that in South Carolina gas is now below $3.
“Yet the savings hasn’t encouraged people to drive – or spend – more this summer. They’re buying about 5 percent less gasoline than they did last year, even though a gallon is 18 cents cheaper.
“Saving a few dollars at the pump also does only so much for consumer psychology.
“A private consumer research firm said Americans continue to be rattled by the sluggish economy. The Conference Board’s reading of consumer confidence fell in June for the fourth month in a row. It said worries about the unemployment rate, low home values, a shaky stock market and a struggling European economy could hamper consumer spending, which accounts for 70 percent of U.S. economic activity.”
Bloomberg reports the average price per gallon in the summer leading up the 2008 elections was $4.11.
But Bloomberg keeps it in perspective saying it really is about the only positive economic indicator lately.