Oil prices are pulling back and gas prices have dropped $.18 a gallon since April, but President Obama may soon tap the Strategic Petroleum Reserve anyway.
Over the weekend , the G8 countries said in a joint statement they would release oil from their strategic reserves if tougher new sanctions on Iran put a strain on supplies.
That way prices can be kept under control if the conflict with Iran over its nuclear arms program escalates.
The national average for a gallon of regular unleaded gasoline fell to $3.69 over the weekend. But it’s not just oil and gas on the decline. The commodities bubble appears to be deflating, and you could see prices drop at the supermarket. Sugar and coffee futures were both down last week.
Kraft Foods announced it’s lowering prices on many of its U.S. coffees, including its Maxwell House brand and some instant coffees. J.M. Smucker said it’s slashing prices on its Folgers and Dunkin’ Donuts brands too. So drink up!