June 29, 2012
American consumers head into the July 4th holiday with gasoline prices at their lowest point since January. The national average fell to around $3.40 per gallon on Tuesday, and the price is under $4 per gallon in every state in the continental United States.
Falling gasoline prices are a result of declining crude oil prices, which took another hit in trading Tuesday. U.S. crude fell below $79 per barrel on Tuesday, and brent crude traded under $92 per barrel.
Cheaper gasoline, however, has not spurred an increase in U.S. demand. Americans are buying about 5-percent less gasoline than they did last year, even though a gallon is 18 cents cheaper.
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Reprinted in part from Cattlenetwork.com