Gas prices have dropped 4% from the same time last year and the cooldown could continue into the summer.
FULL VIDEO TRANSCRIPT BELOW:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
There was an air of fickleness to the stock market Tuesday. After fluctuating between gains and losses, the Dow, the S&P 500, and the Nasdaq finished the day higher.
Anxiety was amped up after the latest JOLTS survey showed help wanted postings shrank more than expected. As a result, there is even more anticipation for Friday’s all-important jobs report. Wall Street will be looking for signs of labor market resilience as other parts of the economy buckle from higher interest rates put in place by the Federal Reserve.
Consumers are yelling “ouch” when it comes to elevated prices for just about everything, but there is some relief when filling up at the pump. According to AAA, the national average for a gallon of regular gasoline was $3.53 on June 2nd. That’s a near 4 percent drop from $3.67 the same time last year.
Pain at the pump has been easing since April and that’s likely to continue throughout most of the summer. A cooling economy means demand for oil and gasoline is cooling as well. And, when demand is down, prices typically follow suit.
This could change, however, with the start of hurricane season. If energy production is disrupted by a storm, gas prices are sure to go back up.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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