Gas and Oil Prices Higher in Advance of Holiday Weekend

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Mortgage and Lending with The Federal Savings Bank/Lending in 50 states NMLS # 109616

 

Fannie Mae released its May 2018 Economic and Housing Outlook yesterday revealing that despite a lusterless first three months of 2018, it expects home sales to post decent gains both this year and next, as prices increase and affordability declines amid low inventory. On the economic front, Fannie Mae is forecasting that Gross Domestic Product will average 2.7% in 2018 due in part to strengthening consumer spending. One headwind to the economic outlook is the continued rise in oil prices as they may offset some of the increase in disposable income from the recent tax cuts while also putting upward pressure on headline inflation.

Memorial Day marks the unofficial start of summer, and Americans will kick off the season by traveling in near-record numbers. According to AAA, more than 41.5 million Americans will travel this Memorial Day weekend, nearly 5% more than last year and the most in more than a 12 years. About 36 million of those travelers will drive to their holiday weekend destination. “Gas prices are higher. People will be spending about $6 more for a full tank of gas, but that’s not going to stop people from traveling this Memorial Day,” Jenkins said. “This is the kick-off for the summer season, the economy is still good, and overall people are ready to roam.” The national price for a gallon of gas is $2.91, about $0.55 more than this time last year. AAA 

Home sales to post modest gains in 2018. Gross Domestic Product to average 2.7% this year. 36 Americans will drive to their holiday destination Memorial Day weekend.

 

 

 

 

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Prices nearly always go up before the holiday.  Just hope they come down again

May 18, 2018 05:32 PM #1
Rainmaker
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Michele Cadogan
Fillmore Real Estate Brooklyn New York - Brooklyn, NY
917-861-9166 - Brooklyn Real Estate Home Sales

Just noticed that our local gas station has raised the price per gallon  to over three dollars.

May 19, 2018 04:42 PM #2
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Rainmaker
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Jeff Jensen

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