Something amazing happened over the weekend: I was able to fill up my car for $30.
Now granted I drive a compact and live in New Jersey where gas is cheap. But Lundberg Survey just confirmed that retail fuel prices are indeed falling nationwide.
In fact, over the last three weeks they hit their lowest level in 10 months and may drop by a dime or more in the next few days thanks to increased oil production, slowing global economic growth and more fuel efficient cars.
The slowing growth part rocked the equity markets last week, but the timing couldn’t be better for relief at the pump. Consumer spending has been constrained in large measure by four-plus-dollar-a-gallon prices, which act as an invisible tax benefitting oil companies and e-tailers.
But with Christmas approaching, the gas price reprieve is the bow on a recent slew of favorable fourth-quarter forecasts. Together they make for a welcomed pre-holiday present to shoppers and merchants.