NEW YORK — Signs that the global economy isn’t strong enough to quickly burn through the world’s ample supplies of oil and gasoline sank crude oil prices for a second straight day.
Weak U.S. economic reports Friday followed on the heels of reduced forecasts for oil demand. Oil dropped 2 percent.
The falling prices will help extend a long, slow slide in retail gasoline prices, forecasters say. The average price of a gallon of gasoline in the U.S. fell a penny overnight to $3.56 per gallon. That’s 23 cents lower than the high for the year, set on Feb. 27. And gas is now 36 cents cheaper than a year ago at this time.
Drivers in some states, such as Wyoming, Montana, Missouri and South Carolina, may even see a few stations selling gas for under $3 per gallon this weekend, says Tom Kloza, chief oil analyst at .
“We’re looking at (futures and wholesale) prices that will propel this drop into the spring,” Kloza said.
Gasoline prices appear to be on a similar curve to last year, but on an earlier timetable. The springtime highs instead came in late winter, and a seasonal low could come in June this year instead of July. The Associated Press
