The Herald Bulletin

Afternoon Update

Nation & World

April 22, 2013

Drop in gas prices benefits US drivers, economy

NEW YORK — A sharp decline in the price of oil this month is making gasoline cheaper at a time of year when it typically gets more expensive. It's a relief to motorists and business owners and a positive development for the economy.

Over the past three weeks, the price of oil has fallen by 9 percent to $89 a barrel. That has helped extend a slide in gasoline prices that began in late February. Nationwide, average retail prices have fallen by 27 cents per gallon, or 7 percent, since Feb. 27, to $3.52 per gallon. Analysts say pump prices could fall another 20 cents over the next two months.

The price of oil is being driven lower by rising global supplies and lower-than-expected demand in the world's two largest economies, the United States and China. As oil and gasoline become more affordable, the economy benefits because goods become less expensive to transport and motorists have more money to spend on other things. Over the course of a year, a decline of 10 cents per gallon translates to $13 billion in savings at the pump.

Diesel and jet fuel have also gotten cheaper in recent weeks, which is good news for truckers, airlines and other energy-intensive businesses.

"It makes a big difference to my bottom line," says Mike Mitternight, owner of a heating and air conditioning service company in Metairie, La. He has five pickup trucks that can burn $1,000 of gas per week when prices are near $4 a gallon. Lately he's been paying as little as $3.19, and saving $200 a week.

Gasoline prices typically rise in the late winter and spring as refiners shut down parts of their plants to perform maintenance and begin making more costly blends of gasoline required by federal clean-air regulations. The trend was earlier and less dramatic this year. Pump prices only came within 15 cents of last year's peak.

Text Only
Nation & World
  • news_missingboymass.jpg Body found by highway is missing Massachusetts boy

    The body of a small boy apparently cast off the side of a highway has been confirmed as a missing 5-year-old, authorities said Saturday.

    April 19, 2014 1 Photo

  • news_mounteverest.jpg 13th body pulled from snow in Everest avalanche

    Search teams recovered a 13th body Saturday from the snow and ice covering a dangerous climbing pass on Mount Everest, where an avalanche a day earlier swept over a group of Sherpa guides in the deadliest disaster on the world's highest peak.

    April 19, 2014 1 Photo

  • news_malaysiaairlines.jpg Sub search for missing jet to be finished within a week

    A robotic submarine looking for the missing Malaysia Airlines jet is expected to finish searching a patch of the Indian Ocean seabed within a week after so far coming up empty, and the search area may be expanded after that, officials said Saturday.

    April 19, 2014 1 Photo

  • news_bostonofficerslain.jpg MIT honors officer slain after Boston Marathon bombings

    Like many other youngsters, Sean Collier wanted to be a police officer. Unlike most, he brought that dream to life — and then died doing it, becoming a central character in the gripping hunt for the Boston Marathon bombing suspects.

    April 19, 2014 1 Photo

  • news_eyewitness.jpg Eyewitness testimony no longer a gold standard

    The American legal system offers few moments as dramatic as an eyewitness to a crime pointing his finger across a crowded courtroom at a defendant. The problem is that decades of studies show eyewitness testimony is right only about half the time.

    April 19, 2014 1 Photo

  • FEA - HB0121 - flu - 05 Second wave of milder flu hitting Northeast

    Months ago, the flu season seemed to be winding down. But health officials on Friday reported widespread flu-like illnesses in six states.

    April 18, 2014 1 Photo

  • NWS - HB0525 - marijuana - JM -pic (4).jpg Colorado deaths stoke worries about pot edibles

    A college student eats more than the recommended dose of a marijuana-laced cookie and jumps to his death from a hotel balcony. A husband with no history of violence is accused of shooting his wife in the head, possibly after eating pot-infused candy.

    April 18, 2014 1 Photo

  • news_skoreaferry.jpg Ferry captain arrested in South Korea disaster

    A prosecutor says the captain of the South Korean ferry that sank two days ago has been arrested.

    April 18, 2014 1 Photo

  • Clinton visit.jpg Documents: Clinton sought GOP support for health care

    Thousands of pages of documents from President Bill Clinton's White House affirm a longtime adage: The more things change, the more they stay the same.

    April 18, 2014 1 Photo

  • Student struggles to recount fatal truck-bus crash

    Most of the 911 calls from witnesses to last week's fiery truck-bus collision that killed 10 were matter of fact. Then there was the one from a passenger: With shrieks in the background, the student struggled to recount how a truck came roaring toward them.

    April 18, 2014

More Resources from The Herald Bulletin
AP Video
Raw: Orthodox Christians Observe Easter Rite Ceremony Marks 19th Anniversary of OKC Bombing Raw: Four French Journalists Freed From Syria Raw: Massive 7.2 Earthquake Rocks Mexico Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Raw: Church Tries for Record With Chalk Jesus Raw: Faithful Celebrate Good Friday Worldwide Deadly Avalanche Sweeps Slopes of Mount Everest Police Arrest Suspect in Highway Shootings Drought Concerns May Hurt Lake Tourism
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium