Wednesday, June 27, 2012

Gas Prices at their Lowest Point in 2012

Gasoline prices in the nation have hit their lowest average this year, according to AAA.

The motorist group says that among more than 100,000 gas stations surveyed, the average price came to $3.41.

Prices have fallen below $3 a gallon in South Carolina, according to the Associated Press.

A random check of prices on Atlanta's south side found prices generally ranging from $3.15 - $3.20.

But AP also reported that demand is down by about 5 percent compared with a year ago, in spite of prices that are about 18 cents a gallon lower.

Experts say the continued sluggishness in the economy is tied to the lower demand and lower pricing of gasoline. The Conference Board's consumer confidence measure dropped in June for the fourth consecutive month amid concerns about high unemployment, low housing values, a volatile stock market and an uncertain economy in Europe. Those concerns drive down consumer spending, experts say, which drives 70 percent of U.S. economic activity.


No comments: