Image description: Retail gas prices have fallen 50 cents per...
Posted Jul 19 2012 2:48pm
Image description: Retail gas prices have fallen 50 cents per gallon since a peak in early April, largely due to declines in crude oil prices, as shown in this graph from the U.S. Energy Information Administration (EIA).
According to the EIA, concerns that a weak global economy will lead to reduced petroleum demand has contributed to lower crude oil prices. However, part of the reason retail gasoline prices have not dropped as much as crude oil prices is that U.S. gasoline demand has started to show some growth in recent months.