AP reports in the LVRJ that gas prices are at "year-ago levels". If you think back, no one was worrying about airlines cutting routes a year ago.
Consumers got another break at the gasoline pump Monday, as prices dropped further below $3 a gallon and approached year-ago levels even as the near-certainty of an OPEC production cut pushed oil prices marginally higher.
Gasoline has fallen more than a dime a gallon since Friday, hitting a national average of $2.92 on Monday, according to auto club AAA, the Oil Price Information Service and Wright Express.
The going rate for a gallon of fuel in Las Vegas was $3.13 Monday, down from $3.16 on Sunday and $3.56 a year ago. The local average hit a record of $4.27 a gallon on June 21.
Pump prices have fallen 29 percent from their July record high of $4.11 a gallon and are only 10 cents higher than a year ago. That difference could be bridged this week if gasoline keeps falling at the current rate.
The pullback at the pump comes amid a dramatic turnaround in crude oil prices.
Low gas doesn’t mean that tourists will pour back into town, but we’re only down 4.2% in tourist count, even with all of the dour economic news.
We may have the best of both worlds. On the one hand the oil shocks have changed a lot of American behavior. People are switching to more efficient cars, changing the way they operate their businesses. Now that gas is getting cheap again, people aren’t necessary going to change back to their old ways of doing business.