Professor Mark J. Perry's Blog for Economics and Finance
Posted 8:55 AM Post Link
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And the average national price of gasoline has finally fallen below $3.55 per gallon. We'll soon be taking down the "Good morning, White House Staffer" feature we've been running at the top of our site for months now!
Why $3.55? Regular unleaded was $1.46 when Obama was elected.It's fallen in Michigan to ONLY a 100% increase.
Holy crap. I paid $3.63 a gallon in Pittsburgh.
"I paid $3.63 a gallon in Pittsburgh"...Any idea of how much of that price was state & local taxes michael hoff?Locally here in St. Louis county, Mo. its now $2.91/gal as of a couple of hours ago...
Eric H: Why $3.55? Because for 2011, that's the level above which the rate of improvement in the U.S. employment situation would be affected. In this case, the spike in oil prices this past spring triggered a spike in layoffs, the numbers of which have since almost flattened out at an elevated level.
From the same source Mark linked to, average price in Michigan one year ago was $2.70. Still over a 10% increase at the new "low".The BLS and Bernanke are off by a factor of 5 with their 2.1% inflation rate.
Wow. Still over $3.80 in upstate, western New York. I demand that Senator Schumer conduct an investigation!
Does Prof. Perry mean to cheer this 'good news' in Michigan? The price of gas is 'so low,' ceteris paribus, because economic growth is so low. How wonderful the state of the economy is.
Gas here in Vancouver, Canada$1.37 ... per LITRE= $5.19 per US gallon$CDN roughly par with $US right now
How wonderful. Demand is contracting because real economic activity is declining again. I guess all those companies hoping to make a lot of money shale liquids will not see the profits they expected just as they didn't when they were hyping shale gas.
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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