Gas Prices Holding Steady

With 4th of July weekend coming up and travelers taking summer road trips, the threat of increased gas prices becomes a pain. However, CNN and a Lundberg Survey have published good news – gas prices around the country have remained unchanged the past 2 weeks.

According to the Lundberg Survey, the average price of a gallon of regular gasoline is $2.66. The lowest price lies around $2.40 in Kansas, and the highest around $3.02 in Northern California. If you can remember back to last summer, gas prices around this time were at $4.10 a gallon! We may worry that this weekend will bring a surge but it is doubtful. And we still are much lower than last year so we must not take that for granted.

The lack of change in prices is credited to the weak dollar, weak oil demand, and unemployment. Would you attribute any other factors?

I hope the prices aren’t too high in your area and wish you a safe holiday weekend!

And thank you for making me Your Orange County Real Estate Connection.

Best regards.                                                                                                               

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI                                   

2007 President, Orange County Association of Realtors                                                   

(949) 753-7900

Dramatic Oil Decline DOES NOT MATCH PUMP Prices

This is the 2nd post I’ve made crying out for parity between the price of oil and the price of gas at the fuel pumps.


The greed factor has us on the short side again.  The prices don’t match up.  We should be at $1.89 per gallon based on today’s oil price of $69 per barrel.  And oil is headed further south.  Let’s assume it takes 7 to 10 days for prices to catch up at the pumps.  Well, we are still behind.


I’m just looking for the consumer to get some benefit here.


Economists say that if oil prices keep dropping, it points to continued economic slowdown.  A no win situation.  So, retirement accounts will dry up, but we’ll be able to drive anywhere?


What a mess.


Your comments are welcome…


And thank you for making me Your Orange County Real Estate Connection.


Best Regards.

Michael Caruso, Broker ABR ABRM CRB CRS GRI

2007 President, Orange County Association of Realtors

Americans Drove 30 Billion LESS Miles During 1st Half of ’08

The good, the bad and the ugly…

Remember that old film?  Well this time it’s not a movie.  The good is: Americans are showing their displeasure with the price of fuel costs and driving less…a lot less!  We drove 30 billion miles less in the first half of ’08.

The bad is: A good amount of tax on gasoline goes toward repair and or maintenance of roads and bridges.  They want us consuming fuel.

The ugly is: We can fall behind substantially on the condition of our roads and bridges if fuel consumption continues to fall.

I have an idea…let’s see how we can get the cost of fuel back in line!  Then people would drive more and spend more.  Oh, and then we can keep up our road and bridge repairs and maintenance.  What a concept.  Especially since economies of scale are not scaled for $120 a barrel oil.  Fishing fleets can’t fill up with fuel and then go fishing because even if they catch a full load of fish, the price they get for the fish can’t pay for the gas they used to catch ’em!  It goes on and on…trucking, planes everything.

Keep the pressure on our legislators, please.

And thank you for making me Your Orange County Real Estate Connection.

Best regards, Michael Caruso