Bad economy is good news at the pump

Bad news on Wall Street means lower prices at the gas pump, as crude oil settled Friday for $79.20 per barrel.

According to AAA spokeswoman Jessica Brady, the falling prices aren’t likely to stop anytime soon.

“Gas prices continue to decrease as oil prices retreat below $80 a barrel and this trend is expected to continue for quite a while, unless positive news unexpectedly hits the market,” she said.

The current average price for a gallon of regular gasoline in the Augusta area is $3.186, significantly lower than the national average of $3.424 per gallon.

The U.S. isn’t the only economy that is struggling. Brady said reports last week showed that China’s manufacturing index dropped for a third month in a row and European retail sales declined last month.

Across the world, she said, fuel demand continues to falter as weak economies cause consumers to cut back on spending and travel.

 

THEN AND NOW

CURRENT WEEK AGO MONTH AGO YEAR AGO

Aiken/Augusta: $3.186 $3.260 $3.481 $2.545

Georgia: $3.273 $3.352 $3.582 $2.586

South Carolina: $3.160 $3.236 $3.431 $2.530

National: $3.424 $3.505 $3.647 $2.702

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