West Texas Intermediate crude oil futures are now trading at $67 per barrel while Brent crude oil futures are at $69.9 per barrel. Meanwhile, the national average for a gallon of regular gasoline is under $3 in 42 states, which translates to a $630 million in savings per day, compared to June’s prices. RBOB gasoline futures are at $1.8 per gallon.
“RBOB gasoline futures hit a five-year low this week; of course, that’s going to have an impact on everything from auto sales to consumer spending in other parts of the economy,” Grisanti added.
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Max Chen contributed to this article.