MOBIL gas stations have reduced their price at the pump by 10 cents.
For nearly two months, a regular gallon of gas was $4.97 and premium gas sold for $5.27 a gallon. Now, regular gas is back down to $4.87 per gallon and $5.17 per gallon for premium gas. The last time gas prices were at this level was in March.
76 and Shell are expected to lower their prices as well.
The decrease in fuel prices on Guam may be a reflection of current oil prices in Asia.
According to The Associated Press, oil prices in Asia are hovering below $98 a barrel as traders keep a close watch for signs of “weak economic growth in the U.S. and Europe.”
As of yesterday, the benchmark oil for June delivery went down by 13 cents to about $97.81 a barrel at noon (GMT+8) during electronic trading on the New York Mercantile Exchange.
In London, however, Brent crude for June delivery increased by 10 cents to $113.26 per barrel.
According to the AP, crude oil prices fell from $106 last week amidst investor concerns that struggling economies would weaken oil consumption.
AP also noted a report from energy trader and consultant Schork Group, which indicated that although it may be easy to malign the recovery of Europe, “the latest round of U.S. macro-economic data is troubling in itself.”
"The U.S. economy has shown it's incapable of maintaining growth levels when energy prices surge, so we expect growth to remain weak in the midterm and the long term, unless the current sell-off holds," Schork said.
