|The price of gasoline continues to plunge. Over the past 19 weeks, the average US price for a gallon of unleaded has declined $2.22 per gallon. That works out to a decline of 54%. Today’s chart provides some perspective on the latest decline with a long-term view of the average US price for a gallon of unleaded gasoline. It is interesting to note that most gasoline price spikes were a result of Middle East crises and often preceded or coincided with a US recession. So while the current plunge in gasoline prices is welcome news, it did come at an extraordinarily high price.Notes:
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Quote of the Day"A bull market tends to bail you out of all your mistakes. Conversely, bear markets make you pay for your mistakes." - Richard Russell
Events of the DayNovember 27, 2008 - Thanksgiving Day
December 10, 2008 - Nobel Prizes awarded (announced in October)
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