L.A. gas prices drop a few more pennies

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.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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