This Memorial Day weekend, drivers are getting a break at the pump, yes, a break, as gas prices across the board are dropping. Will related shares and exchange traded funds(ETFs) sputter out?
Just about every day this month, gas prices have declined, and as of Friday, the national average is at at $2.79, according to AAA. Chris Kahn for Forbes explains that a gallon of regular unleaded is 12 cents cheaper than it was a month ago, 8 cents cheaper than just a week ago. [Commodity ETFs Take It on the Chin.]
This is music to the ears of travelers this weekend, as the official kickoff to Summer brings people out of the woodwork and into their cars. AAA says 1.6 million more Americans will hit the highways this weekend than last Memorial Day, however, many will keep their pocketbooks closed tight, except for the bare essentials – like gas. [What’s Next for Oil and Gas ETFs?]
For more stories about gasoline, visit our gasoline category.
- United States Gasoline (NYSEArca: UGA)
- iShares Dow Jones U.S. Oil & Gas Exploration & Production (NYSEArca: IEO)
Tisha Guerrero contributed to this article.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.