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Price of Oil Falls to Seven Month Low, Gas Prices to Follow?

U.S. Gas Prices spike for holiday weekend despite lower wholesale cost
Justin Sullivan, Getty Images

Gas stations in mid-Michigan raised their prices for the Memorial Day holiday weekend on Tuesday this year, catching most of us by surprise. This despite the fact that wholesale prices for crude oil and unleaded gasoline have continued to decline.

The price of a barrel of oil fell to a seven month low today, settling just below $90. Unleaded gas, also sold as a separate commodity, fell six and a half cents today to $2.87 per gallon.

There is usually a delay from market prices to what we pay at the pump, but it is pretty easy to follow the information on the internet. http://money.cnn.com/data/commodities

Unless the gas stations plan to gouge us for summer vacation, we should see some much-needed relief at the pump once school gets out.

An informed consumer is a powerful consumer.

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