Filling up with gasoline in the U.S. is the cheapest it’s been in a decade and yet way too expensive. The average retail price in the U.S. dipped to $2.595 a gallon yesterday, down 7.5 cents from the previous week and the lowest for this time of year since 2004, according to Heathrow, Florida-based AAA, the nation’s largest motoring group. Costs are sliding on the back of oil futures tumbling for eight consecutive weeks, the longest drop since 1986. Given that crude traded as low as $37.75 a barrel Monday, gasoline should be a lot cheaper. Since AAA started tracking prices in 2004, retail gasoline has only twice been above $2 a gallon while crude was under $40. Prices at the pump are now almost three times as high as oil on a per-barrel basis, the biggest gap on record. There are a couple reasons for the disconnect. Summer […]