Even before the International Energy Agency and the White House announced they were releasing billions of gallons or oil from fuel reserves, gas prices were falling. In the past two weeks, a gallon is down more than 11 cents. Also falling -- hopes for the euro, and the outlook for U.S. Treasury bonds.
Prices at the pump got a little more painful over the past two weeks as crude oil continues to rise. Oil has risen as a weak economy and expectations of further action by the Federal Reserve drive the dollar down.
The mid-Atlantic region, hard hit last winter, will catch a break from the weather next time, says the Farmer's Almanac, but much of the rest of the U.S. will be colder than normal, New England in particular. For those who heat their homes with oil, however, lower prices should ease the season.
Gas prices reversed sharply over the past two weeks, falling more than 7 cents to an average of $2.70 a gallon for regular unleaded. A drop in oil prices helped reduce the pain at the pump, bringing gas prices to the lowest level since February.
Over the last three weeks the price of gas has risen 3.8%. A gallon of regular gas is now, on average, $2.85.
