U.S. consumers are breathing a bit easier now that gasoline prices have come down from record levels, but pump prices are still high, and the two\u002Dmonth slide…
The nationwide average price for a gallon of gas dropped to $3.99 on Thursday, according to AAA. That’s down 20% from the mid-June high, and it’s the first time the average has dipped below $4 since early March.
A recession — or even slower growth — hurts energy demand and usually pushes down oil prices. That is the scenario that oil investors now fear. Patrick De Haan, an analyst for GasBuddy, said this week that absent something like a hurricane, gasoline prices should drop another 10 cents to 25 cents a gallon over the next couple weeks.
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