In brief: Missouri shows way with average gas price below $2
KANSAS CITY, Mo. – Missouri became the first state Friday to have an average statewide gas price fall below $2 per gallon since 2009, while Oklahoma’s average was expected to drop below that threshold sometime over the weekend, according to AAA.
The national average gas price was at $2.32 per gallon Friday, which AAA spokesman Michael Green said was the lowest since May 2009. That average has dropped for 92 days in a row, he said, which is the longest streak since AAA started keeping daily records in January 2000.
Gas prices have fallen every day since Sept. 25, for a total of $1.02 per gallon, Green said.
Missouri’s average on Friday morning was $1.98, according to AAA. Oklahoma had the second-lowest average at $2.01 and “is likely to drop below that price point this weekend,” Green said.
AAA estimates consumers nationwide are saving more than $450 million per day on gasoline compared with the highs of spring and summer this year.
It’s uncertain how long those prices will continue their descent before rising again due to typical season trends, Green said. Refinery maintenance and decreased refinery production could push prices upward within a month.
“Of course, if the slide in crude oil continues, then we may see gas prices drop even further,” he said. “But at this point, no one knows when the oil market will reach a bottom.”
After five-day rally, ruble slips 4 percent
MOSCOW – The Russian currency has ended its five-day rally and declined 4 percent as the markets remain jittery over the outlook of the Russian economy.
The ruble has been the worst performing currency this year along with the Ukrainian hryvnia, having lost nearly half of its value against the dollar.
Russian Finance Minister Anton Siluanov announced on Thursday that the ruble seems to have finally found its fair value.
But after gaining nearly 15 percent in the past five trading days, the ruble declined by 4 percent on Friday to 54 rubles against the dollar.
Russian monetary officials have made stabilizing the ruble their priority, introducing a number of drastic measures to support it such as raising the key interest rate to a whopping 17 percent.
Stimulus plan in works to fight Japan recession
TOKYO – Japanese Prime Minister Shinzo Abe is planning about 3.5 trillion yen ($29 billion) in fresh stimulus, including subsidies and job-creating programs, to help pull the world’s third-largest economy out of recession.
The plan reportedly includes 420 billion yen ($3.5 billion) in help for stagnant regional economies.
Data released Friday showed inflation eased slightly in November as household spending dropped, hindering the government’s effort to get the economy out of recession and back to sustainable growth.
Core consumer prices, excluding food, rose 2.7 percent, while the inflation rate, excluding food and energy, was 2.1 percent. The inflation rate was 2.9 percent in October.
Overall incomes fell 1.1 percent in November from a year earlier, while household spending was down 2.5 percent. Unemployment was flat at 3.5 percent.
A large share of the proposed support for local governments will be handouts to local governments, to be used for shopping vouchers to entice people to spend more, local media reported. The government will also provide funds to back loans to small and medium-size businesses that have struggled with rising costs thanks to a weakening in the yen.