If you’re anything like me, you’ve been watching the sovereign and bank bailouts in Europe and asking, “Okay, but what’s in it for me?”
Well, here is your answer: cheaper gas.
Over the weekend, Trilby Lundberg put out her latest report on how much Americans are paying at the pump. As the Associated Press reports:
The average price of regular gasoline in the United States has dropped 9.25 cents over a two-week period to $2.83.
The price of gas has been dropping because the price of oil has been dropping, reflecting concerns that European woes will slow global growth.
Now, the price of a gallon of gas is still much higher than it was a year ago, when the U.S. was deep in the throes of its own economic problems. According to the AAA, this time last year regular gas cost $2.42 a gallon on average. Now it’s at $2.79.
Nonetheless, because of what’s going on in Europe, we haven’t seen the normal gas price run-up in advance of the summer driving season. According to the AAA survey, gas is six cents cheaper now than it was a month ago. That’s very unusual for late May.
So there’s your silver lining, meager though it may be.