Remember when we thought $2.55 for a gallon of regular was going to make for a good Christmas? Turns out the new average is $2.47, the lowest average price reported in five years.
Also: That’s a photo shot by one of my relatives back in Louisville, Ky., where some stations are pumping gas for as low as $1.96/gallon.
Despite solid gains at most brands, losses at tsunami-afflicted Honda and Toyota were sever enough to reduced the July bottom line of U.S. auto sales to a tepid 1 percent gain. The seasonally adjusted annual sales rate (SAAR) for July stands at 12.24 million units. The pent-up demand is still in hiding, but automaker have not given up the hope for its return:
“There are people who put off vehicle purchases because of uncertainty about fuel prices, vehicle availability and the economy,” said Don Johnson, head of U.S. sales for GM, told Automotive News [sub]. “As these conditions improve in the latter half of this year, many of these buyers will return to the market.”
Others take a more cautious stance. (Read More…)
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