Gasoline prices are falling almost as fast as autumn leaves, tumbling to an eight-month low, but wholesalers and dealers cautioned on Friday that prices at the pump could soon rise again with higher wholesale prices coming. The price of regular gasoline in the Pittsburgh region dropped 18 cents a gallon in the past month, to an average of $3.47 this week, and "will continue to trend downward" for a few weeks, said Bevi Powell, a spokeswoman for the AAA Fuel Gauge report that tracks weekly prices in Western Pennsylvania.
Count Maine's lobster industry among the casualties of the worldwide economic crisis. The wholesale price of Maine lobster, considered low all summer, has plunged more than 20 percent in the past week, to as little as $2.60 per pound in some harbors. Dealers say falling financial markets have ruined consumers appetite for luxury items such as lobster, and the international credit crisis has effectively shut off orders from major processors in Canada.
NEW YORK - Just shy of $4 a gallon, average U.S. pump prices are about to start falling and could hit $3.50 by summer. You probably won't see a change at the gas station this weekend. But relief will come soon because oil prices fell 15 percent this week, the steepest decline in two and a half years. Oil hit a two- year high of $114.83 in Monday trading. It closed Friday at $97.18.
Are drivers really cutting back? Yes, the price of gasoline is more than $3.50 a gallon in New Jersey and nearly every other state, and that has produced some signs that Americans are cutting back on driving after two months of increases.
For the first time in years, lower-priced homebuyers are driving the market in Santa Fe, pushing the median home sales price down an astonishing 32 percent in the city from a year ago. In Santa Fe County, the quarter saw about the same overall volume as a year ago because of an increase in county sales from 115 to 140. Total sales in the city, however, dropped 29 percent from 190 to 135, with the vast majority of the sales being buyers looking to take advantage of the $8,000 first-time homebuyer tax credit, said Mary Schroeder, president of the Santa Fe Association of Realtors.
Home prices dropped 12.8 percent in the New York metropolitan area -- which includes North Jersey -- in the first quarter of 2009 from the same period a year ago, the National Association of Realtors said Tuesday. The median price of an existing single-family home in the area that includes Bergen, Passaic and Hudson counties fell to $429,900, down from $492,800 a year earlier, the NAR said.
Investors who were bearish Thursday turned suddenly bullish Friday, driving up the dollar and sending oil futures sharply lower on the growing realization that the economies of Europe and Japan are in worse shape than the U.S. Light, sweet crude for September delivery plunged $4.82 to $115.20 on the New York Mercantile Exchange on expectations of declining demand. The euro fell more than 2 percent to $1.5005, the largest one-day slide in nearly eight years.
Southern California's housing woes continued in June as prices plunged more than 29 percent from a year earlier and sales remained at a two-decade low, an industry tracker said Wednesday. A wave of forecloses that flooded the market with homes for sale pushed the median price from $502,000 in June 2007 to $355,000 last month across the six-county region, said DataQuick Information Systems.
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