Mercury Marine sees low gas prices providing a summer boost - Trade Only Today

Mercury Marine sees low gas prices providing a summer boost

Mercury Marine said marine manufacturers are hoping the decrease will lead to additional time on the water.
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A new report from the U.S. Department of Energy is forecasting that gasoline prices could drop to their lowest level in close to six years.

Mercury Marine said marine manufacturers are hoping the decrease will lead to additional time on the water.

The report said the national average price is projected to fall 32 percent from a year ago to $2.45 a gallon between April and September. The average price of gasoline in the United States was $2.39 a gallon today, down 33 percent from last year, according to AAA and GasBuddy.com.

The report also indicated that the personal savings rate climbed to 5.8 percent in February from 4.4 percent in November. Tom Kloza, chief oil analyst at the Oil Price Information Service, predicts that gasoline could dip below the $2 mark later this summer.

“Lower gas prices means more money in the pockets of our customers, which in turn leads to more time out on the water,” Mercury Marine president John Pfeifer said in a statement. “We know that gas prices fluctuate and won’t bank on this being commonplace forever, but we hope that as prices drop, more families take to the water more often and for longer periods of time.”

Click here for Time magazine’s coverage of the report.

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