Fuel sales, driving to Mexico a few options that offer relief for drivers
Trader: At least we don't have to pay European prices
11:28 a.m. Tuesday, July 1, 2008
A true sign of the times: Bargain hunters and their idling engines wrapped around a Nissan dealership in Lafayette, La. to top off at 99 cents a gallon.
A real steal when compared to the $4.10 national average.
"It's the housing market. It's gas prices. It's everything, medical insurance," said Kerry Machego, who says he buys gas in Mexico.
Manchego is content driving south of the border for gas, until oil prices start to head in the same direction.
"If there was a water shortage, that water was half price here, I'd be down here buying water," he said.
Since October, the Dow Jones Index has fallen almost 20 percent, a decline that marks the start of a bear market.
"I don't think consumers need to hear that the market is 20 percent down to figure out that these are very difficult times right now," Bankrate.com Spokesman Greg McBride said.
Monday the cost of a barrel of oil touched an all-time high of $143.67 cents, before settling down at $140. Translation: Pain at the pump persists.
"Still a lot of money to pay for a family of four, but at least we're not in Europe, where it's 8, 9 dollars a gallon, so look at the bright side," McNamara Operations trader Joe Marshall said.
Try telling that to Mark LaRue, who just learned Monday Chrysler was closing down its St. Louis minivan plant, costing some 2,400 hourly jobs.
"It's a scary thing, you know. You go to work, you talk to your co- workers -- let's make sure we put a good product out there. Next thing you know, they're shutting the doors on you," LaRue said.
Analysts are anticipating this could be the worst month for car sales in decades. Those figures will be released later today.
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