Not because I think low gas prices are a good thing:

The Energy Department predicted on Tuesday that motorists would pay the lowest prices at the pump this summer since 2009, even though falling global oil prices have gained back some ground in recent days.

In its short-term energy forecast, the department calculated that the average national price for regular gasoline in the April-through-September summer driving season would be $2.45 a gallon, compared with $3.59 a gallon over the same period last year.

The average American household is expected to spend about $700 less on gasoline in 2015 compared with 2014, according to the report, and annual vehicle fuel expenditures are on track to fall to their lowest in 11 years.

The lower gasoline prices should encourage families to take to the road for their vacations, helping hotels, restaurants and amusement parks as well as refiners and gasoline stations. Lower-income consumers, who pay a relatively higher percentage of their incomes on energy than more affluent people, will benefit the most from the lower prices.

via www.nytimes.com

But because I went on record with a low gas price forecast back in February.

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  1. rjs Avatar

    meanwhile, American car drivers managed to return to their gas guzzling driving habits…the latest report from the Department of Transportation found that vehicle miles driven increased by 4.9% to 237.4 billion vehicle miles in January over January from a year ago…this means that the 85 month American hiatus brought on by high oil prices in 2008 has ended and we have now set a new record for driving, covering 3.050 trillion miles on U.S. highways in the 12 months ending in January…in a similar vein, 40% of the increase in American’s consumption of durable goods in the 4th quarter was for recreational vehicles and equipment…

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