Boon to consumers: Prices are rising, but not for oil and petrol

The price of crude oil dropped to $62.46 a barrel last Monday, part of a downward trend that some analysts say could continue into next year. The lower cost may be a sign of a global economic slowdown, but its most apparent effects are a boon to consumers: lower petrol prices.

- EMMETT LINDNER

And if Americans have more money left over after filling up their petrol tanks, the Trump administration is eager to claim credit.

"Energy prices fell in July, including gasoline, which is down nearly 10% over last year," Karoline Leavitt, the White House press secretary, said recently. "This administration continues to be wholeheartedly committed to putting more money back into the American people's pockets," she added.

President Donald Trump has frequently used the cost of fuel as a measure of his success. In July, a White House statement said plummeting prices were "fuelling economic growth from coast to coast."

That "is like a dream come true for President Trump," said Robert McNally, a former energy adviser to President George W. Bush who is now president of Rapidan Energy Group, a research firm in Washington.

Many Americans often measure their quality of life by the ebb and flow of petrol prices and other staples like eggs and milk.

"For American consumers, it's like a visible tax cut," Mr McNally said of falling energy prices. "You see it every day, even if you're not tanking up that day."