ROCHESTER, N.Y. – Gas prices have continued to fall, making for cheaper summer travel. The average price in Rochester has dropped nearly 4 cents in a week, now averaging $3.02 per gallon. Nationally, the average price is $3.07.
The cheapest gas in the area is $2.65 per gallon, available at Costco, Walmart, BJ’s, and the Mobil station on Jefferson Road in Henrietta.
According to the trade association for gas station owners, demand for gas begins to increase in February and peaks in August. One would think that would spur a spike in gas prices, but there is another factor at play.
Refineries have ramped up production, so supply has outpaced demand leading to plummeting prices at the pump.
In other consumer news, more people are using buy now, pay later services to purchase groceries. The numbers from the BNPL Klarna tell the rest of the story. The company’s net losses have doubled even as its user base exploded.
That’s because more consumers are having a tough time paying off those short term loans. That coincides with consumer debt that ballooned by $167 billion in the first quarter of this year.
Additionally, Chinese online retailer Shein is moving much of its manufacturing to India due to high U.S. tariffs on China, which are as high as 145%. A 90-day agreement in May lowered the tariff to 30%, but the truce is not permanent. In contrast, the tariff on imports from India is 10%.
So a company based in China, the nation with so many production facilities it’s earned the nickname “The World’s Factory,” will be manufacturing most of the goods sold in the U.S. in India.
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Consumer Headlines: Gas prices, Klarna user debt and Shein moves production WHEC.com.
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