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get these back up online and therefore get fuel flowing again? even in the worst hit refinery in the country, with all the flooding you would think it would take months to get this back online but that is such good news because that refinery was not damaged so they are going to bring that refinery back in two weeks. that is a big deal, it yesterday there was panic in the market, at one point the price of gasoline was up $0.28 a gallon, today it s pulled back by about $0.06 a gallon. some of that is because of the good news we are getting this. also waivers from the government on gasoline prices. the trump administration really has done some good things to try to calm the concerns of traders. for example they released oil from the strategic petroleum reserve to help refineries who can t get the oil into get back up online sooner.
appreciate. absolutely. turning to the economy. your road trip got cheaper. june gas prices falling to the lowest level in 12 years and just in time for summer. here to tell us why. what s going on? tied to falling crude prices. look at this dramatic chart, it is down about 20% year to date. look at that, john. you re talking $42 a barrel. that is quite dramatic. and, of course, this is all tied to the fact that there s just too much oil, not enough demand. simple supply-demand economics but great news for the consumer, because the consumer is saving at the pump to your point. we re looking at $2.28 per gallon across. that s a nationwide average, obviously. depends where you live. that s down 10 cents this month alone. this is incredible savings for an average family, and one analyst put this in very stark terms saying it s the first time this century gas prices might be lower over the fourth of july
morning after wall street closed mostly lower. the s&p 500 fell after energy stocks dropped 1.6%. that s because oil continues to decline. watching crudes prices, they fell another 2% to their lowest level in ten months. so that s still bear market territory. that s a 20% drop. we re seeing investors worried over a supply glut. that drop in oil prices means good news for drivers. gas is the cheapest in 12 years. prices have fallen every day since june 2nd. the average is down ten cents to $2.28 per gallon. we do see gas prices usually spike during the summer. low demand is driving prices down. and experts think they ll just keep falling. they predict this weekend we re going to see the cheapest prices so far this year. home sales increasing in may. that s a rebound from april. sales have seesawed from month to month. the problem is high demand and low supply. the number of houses for sale is actually at a 20-year low.
that s still bear market territory or a 20% drop for oil. investors are worried over a supply glut. that drop in oil prices good news for drivers. gas is the cheapest in 112 years. prices have fallen every day since june 2nd. the average is now down ten cents to $2.28 a gallon. gas prices usually spike during the summer. but low demand is driving prices down. and experts think they ll just keep falling. they predict this weekend we ll have the cheapest prices so far in time to drive. home sales increased in may. that s a rebound from april. sales have seesawed from month to month this year. the problem is high demand and low inventory. low supply. the number of houses for sale is close to a 20-year low. that winds up boosting prices. so the median sales price hitting a new record in may. it s up 6% from last year. did you know that george