From the Saint Louis Post Dispatch: Gasoline prices in the St. Louis area fell below $3 a gallon on Friday for the first time in six months, making the region one of the cheapest places in the nation to fill up the tank.
While that may be welcome news for drivers, economists say it could signal more trouble for an already fragile U.S. economy.
Some area stations sold regular unleaded gas Friday for as low as $2.80 a gallon, while the day's average for the Missouri side of the region was $3.05, according to AAA. That was down nearly 28 cents from a month ago....
Economists say fears of a weakening global economy, especially Europe's ongoing debt crisis, have shaken financial markets and sent crude oil prices tumbling to about $80 a barrel.
"Weaker economic growth causes energy consumption to fall and oil prices to fall," said Bill O'Grady, chief market strategist at Confluence Investment Management in Webster Groves. "Gasoline prices as a rule will fall after Labor Day, and that's because seasonal demand for gasoline, and vacation driving, ends when the kids go back to school."
While lower gas prices put more cash in drivers' pockets, O'Grady says they could signal that the U.S. economy is heading toward another recession if the markets remain volatile and lawmakers are unable to develop effective monetary policies.
Gas prices and unemployment are among the two biggest influences on consumer confidence.
"The reason we talk about gas all the time is because it's a purchase we can't avoid," O'Grady said.
Read more: http://www.stltoday.com/news/local/metro/article_9a206b88-315b-5cc5-aa5e-8bcf23bca6f5.html#ixzz1Yqxc8PyU
Gas prices have gone up in Las Vegas since Labor Day, instead of going down in and we are paying way more than $3.50 a gallon. Just before Labor Day, we were paying around $3.35 and now the cheapest I found was $3.50 with an average price of about $3.56 a gallon.
So, why are the gas prices going significantly going down in other parts of the country and not here? Hey, Crybaby Harry Reid, instead of trying to shut down the government, do something for the State of Nevada and find out why our gas prices are still so high. I realize, Harry, you don't care what the prices are, since you don't pay for the gas of your gas guzzling 2 SUV's in your entourage, but maybe, just once this year, you will look out for the interests of Nevada instead of playing the political game.
At the Prairie Café...
5 hours ago
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