Falling Oil Prices Drop US Gas Costs But Squeeze Home Improvement Retailers As High Earner Homebuying Rises
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Oil prices have been declining since October due to economic weakness in China and record US oil production. This has brought down gas prices in the US.
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China's weakening economy is reducing oil demand. Chinese exports, consumer prices, and refinery demand have all declined recently.
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US oil production reached a new record high of 13.2 million barrels per day in early November, boosting supply.
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Home Depot reported slower earnings and sales but still beat forecasts, as consumers spend less on home improvement projects.
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The typical US homebuyer's income surged to $107,000, up 22% from last year, putting homeownership out of reach for many families.