Pump prices are cooling as future contracts signal that US gas markets have less demand.
Prices at the pumps dropped overnight after 3 weeks of relentless price hikes according to AAA's website. This could be a signal that inflation in the petroleum world may be taking it's "soft landing" we keep hearing about. Let's keep our fingers crossed for that because if we take a look back a few months we are still paying 50%+ more than we did a year ago.
Futures prices dictate the price at the pump.
The Fed is warning a 75 basis point increase this next rate hike so that may threaten our hopes to having lower gas prices. Needless to say the cooling futures contracts is a huge step in the right direction. Below is the Consumer Price index inflation rates for gasoline.