With just days ahead of the July 4th long weekend, the average price of a gallon of gasoline, as of yesterday, has fallen for 8 straight days and is down .06 to $2.633 during this span according to AAA. This follows 54 straight days of gains that took prices to $2.693 from $2.048 (and up from $1.616 in December). To quantify, on an annualized basis the .06 drop in prices equates to a savings of $8.3b for the consumer. While welcome relief to the consumer, the $1.02 rise off the December low in gasoline prices is an extra $140b annualized spent at the pump, 1.4% of personal consumption.
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