NEW YORK — A sharp decline in the price of oil this month is making gasoline cheaper at a time of year when it typically gets more expensive. It’s a relief to motorists and business owners and a positive development for the economy.
Over the past three weeks, the price of oil has fallen by 9 percent to $89 a barrel. That has helped extend a slide in gasoline prices that began in late February. Nationwide, average retail prices have fallen by 27 cents per gallon, or 7 percent, since Feb. 27, to $3.52 per gallon. Analysts say pump prices could fall another 20 cents over the next two months.