More fallout from the declining price of oil - and good news for motorists, which might translate into good news for the economy. An average gallon of regular in the L.A. area is $3.932, according to the government's survey, down about four cents from last week. Crude was trading today at a little over $93 a barrel, which is down from over $110 just a few weeks ago. Perhaps Wall Street is taking note (the Dow was up 76 points). From the WSJ's Dave Kansas:
In the past few weeks, stocks seemed to track oil prices, viewing crude as a barometer of global growth expectations. As we've noted in the past, less expensive fuel ought to be a net positive for the markets. But more than a few times, oil and oil-sensitive stocks have risen in tandem. Logically, cheaper gasoline makes consumers feel a bit richer. Cheaper fuel gives energy-intensive companies a break. And maybe some of that common-sense is starting to bleed into the market.