The sights were so surprising that Americans shared photos of them – filling station signs with prices of US$2-something a gallon.
“It’s stunning,” says Tom Kloza, chief oil analyst at the Oil Price Information Service. “I’m a little bit shocked.”
The national average price of petrol fell 33 cents to end last month at $3 a gallon and dipped on Saturday to $2.995, according to the US motorists’ group AAA. That marked the first time in four years that petrol had been cheaper than $3 a gallon [one gallon is 3.8 litres].
The national average crept above $3 a gallon in December of 2010, as global demand for oil and petrol was rising as people in developing countries bought cars by the tens of millions and turmoil was brewing in the Middle East.
Now demand isn’t rising as fast as expected, drillers have learnt to tap vast new sources of oil, particularly in the US, and crude continues to flow out of the Middle East.
Seasonal swings and other factors are likely to send petrol back over $3 sooner than drivers would like, but the US is on track for the lowest annual average since 2010.
Trisha Pena of Hermitage, Tennessee, recently paid $2.57 a gallon to fill up her Honda CR-V. Like many around the US these days, she was delighted by the price she took a photograph and posted it on social media.
“I can’t remember the last time it cost under $30 to put 10 or 11 gallons in my tank,” she said. “A month ago it was in the $3.50 range, and that’s where it had been for a very long time.”
Historically, a stronger economy in the US, the world’s biggest consumer of oil products, usually meant rising fuel demand. No longer. Americans are driving more efficient vehicles and their driving habits are changing. Michael Sivak of the University of Michigan Transportation Research Institute calculates that the number of miles travelled per household and gallons of fuel consumed per household peaked in 2004.
And so petrol is cheaper than milk again. In September the national average price of milk was $3.73 per gallon. The annual average for milk is on track to be more expensive than the annual average for petrol for the first time since 2011.
The drop from last year’s average of $3.51 per gallon will save the typical US household about $50 a month. It will save the country’s economy $187 million a day, and also boost the profits of shippers, airlines, and any firm that sends employees out on sales calls or for deliveries.
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
UAE currency: the story behind the money in your pockets
LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
