CNN’s Yurkevich: Gas Prices Are Falling as Demand Slows Down

RUSH EXCERPT:

YURKEVICH: “Wolf, we have seen 90 straight days of falling gas prices. That is good news for U.S. Consumers. Today we stand at $3.72 a gallon. That is a substantial drop from where we were in June of just this year when we set an all-time record of $5.02 a gallon. But it’s not quite where we were a year ago when gas prices were at $3.18 a gallon. And this is all happening because we are seeing lower prices of oil, and that’s on fears of a recession, but also because over the summer when gas prices were so high, wolf, people weren’t driving as much. So that demand for gas shifted down wards. And this is coming, as you mentioned, on the eve of this CPI report, that’s that key inflation report that we’ve been tracking. Gas price comesing down are going to be making an impact. Experts estimate that we’re going to see a month-over-month drop in inflation. That’s because gas and energy makes up so much of that report, wolf. And this is really a signal to the Federal Reserve, which is scheduled to meet next week. They are expecting to make an aggressive interest rate hike, but if we keep seeing these falling gas prices and these cooling CPI reports, we could see the Federal Reserve, wolf, start to pull back on these aggressive interest rate hikes.”