U.S. WANT YOUR MONEY AGAIN
WASHINGTON, May 26, 2016 – U.S. consumers continue to take advantage of America's energy revolution and affordable gas prices as we head into the summer driving season, said API Chief Economist Erica Bowman on a conference call with reporters.
"As we head into Memorial Day weekend and the traditional start of the summer driving season, motorists have continued to reap the benefits of America's energy renaissance with relief at the pump," said Bowman.
Although gasoline prices have risen by 20 cents since the beginning of the year, U.S. drivers remain on target to pay the lowest prices for the Memorial Day holiday since 2005, according to AAA.
"U.S. oil production is an important factor in lower global crude markets, which has translated into lower energy costs for individual Americans and families. As a result, AAA says lower prices at the pump allowed each licensed U.S. driver to save an average of more than $550 in 2015.
"Thanks to industry innovation and technological advancements, we've transitioned from an era of energy scarcity to an era of energy abundance. The new challenge is to keep moving forward, not backward. We must continue to think long term - continue to ensure access to new areas for safe and responsible energy development, and invest in reliable energy infrastructure - to protect U.S. consumers, businesses and national security for generations to come.
"With the right policies in place, our energy revolution can endure for decades and help even more families afford to take a vacation on Memorial Day weekend."
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.