Inflation expectations are also diminishing.
On Thursday, AAA posted the national average price of a gallon of regular gas at $3.990, dropping under $4 for the first time since March. The reduced gas price is a relief for consumers. Prices hit a record $5.016 on June 14.
Both crude oil and wholesale gasoline prices have rolled over since June, signaling that the worst of the recently elevated energy costs may have passed. The Midwest and South are seeing some of the deepest drops in gasoline prices. Ohio had the largest decrease and Hawaii the smallest.
Some economists are seeing that consumer expectations for inflation are also improving, as inflation was fairly flat in July, driven lower by the reduction in energy costs. However, consumer inflation is still up 8.5 percent over the past year.
As the Lord Leads, Pray with Us…
- For Secretary Granholm to seek God’s direction as she oversees the Energy Department.
- For Assistant Secretary Brad Crabtree as he oversees the DOE’s Office of Fossil Energy and Carbon Management.
- For the president and his advisors to look to the Lord for wisdom regarding economic and energy policies.
Sources: Axios, Wall Street Journal, AAA
