Gasoline prices at historic lows amid refinery shutdowns
Gasoline is at a historic low in the United States, with some refineries shutting down because of shortages of the cheap fuel.
Gasoline prices in New York, Philadelphia, Chicago, Houston and San Francisco are at or near record lows, according to data from the U.S. Energy Information Administration.
A refinery shut down because it cannot get gasoline.
(Photo: Scott Olson/Getty Images)The steep drop in gasoline prices has hurt the economy, hurting companies and workers.
In the past month, the economy has lost $9 billion, according a report from the Congressional Budget Office.
That’s about half the $14 billion lost a year earlier.
It’s also a dramatic drop from a year ago, when gas prices hit $4.25 a gallon.
The drop has prompted the National Association of Manufacturers to declare that gas prices will stay low until “the supply chain is fully restored” to full capacity.
The average price of gasoline in the U