US retail sales data causes gas prices to rise

Its been reported on the AP that the price of oil has risen due to a government report indicating that consumer spending could be helping economic growth in the coming months.

According to the article on the ABC website – here’s the gist of it.

Meanwhile, the price of gasoline continued its decline in August, dropping 1 cent overnight to an average of $3.54.

Benchmark crude for September delivery rose 72 cents to close at $106.83 a barrel on the New York Mercantile Exchange.

The government said that “core” retail sales, which exclude the volatile auto, gas and building supply categories, rose 0.5 percent in July. It was the biggest such gain since a similar increase in December and may signal a stronger pace for consumer spending.

U.S. drivers have seen gasoline prices drop by an average 9 cents so far in August, partly offsetting a 14 cent increase in July. The average price is now 16 cents below where it was this time last year.

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