Afternoon Coffee: Oil Prices Hit New Lows, But Gasoline Remains Pricey for Many in the US

Crude oil prices fell below $39 a barrel today – the lowest level since 2009.  The drop in West Intermediate crude prices is a result of an oversupply of oil.

While oil prices may be tumbling, gasoline costs for consumers remains high in certain parts of the country due to refinery maintenance. In California, for instance, some gas stations are selling gasoline for nearly $5 a gallon. The Chicago area, too, is hurting due to outages at an Indiana refinery.

A new report by Morgan Stanley and Co. LLC shows shippers, freight brokers and motor carriers have the highest level of truckload capacity since January 2013. It was also reported that truckload rates are expected to increase between 4% and 9% in 2015.

The Chicago Fed National Activity Index showed economic growth improved during July. The index hit 0.34 in July, up from the -0.07 in June.


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