Lower gas prices not a good sign for the economy

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The average cost for a gallon of gas in St. Louis has dropped 20 cents over the past week to $3.12 as of Tue. June 26.  In New Haven, drivers are paying $3.09 per gallon compared to the state average of $3.23.

Drivers may be liking the lower gas prices, but Triple A gas price analyst Mike Right says low prices “aren’t such a good sign for the economy”.

Tuesday morning Right said, “One of the things that’s driving gasoline prices down currently is the weak economy, not only in the U.S., but certainly what’s going on in Europe. So that’s depressing crude oil prices worldwide.”

Right also commented that rumors of gas prices dropping below the $2.50 a gallon later this summer are too optimistic. He said,  “We’re likely to see three dollar a gallon gas for an extended period of time in the near future and don’t expect any drastic changes over the summer.”

Right said, “Lower crude oil prices and economic uncertainty in Europe are driving the prices of gasoline down for the moment.”