By Mark Shenk
Gasoline has reversed a 38 percent jump in the first half of 2015. Prices, already the cheapest for early September since 2004, will drop another 41 cents by December to about $2.03, the Energy Information Administration said in its monthly Short-Term Energy Outlook. That would be down 17 percent from the $2.437 reported by the agency Monday.
Gasoline over the four-day Labor Day holiday weekend was almost a $1 cheaper this year compared to last year, the lowest price in more than a decade, translating to a cumulative savings for U.S. motorists of about $1.4 billion, according to GasBuddy.com, which tracks gasoline prices.
“This is a powerful stimulus putting tangible money in consumers’ pockets,” said John Kilduff, a partner at Again Capital, a New York-based hedge fund that focuses on energy. “Retail sales for back-to-school, Halloween and the holiday season should be strong as a result. The other major benefit is that consumer confidence gets a boost whenever gasoline prices near $2 a gallon.”
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