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Gas Prices Fall Following Drop in Oil Prices See full article from DailyFinance: http://srph.it/nyYh6D

As a result of lower crude-oil prices, gasoline prices have started to retreat. That could be good news for consumers who are still sweating at the pump.

The average price of a gallon of regular unleaded, nationwide, has fallen to $3.62 from a week-ago price of $3.703, according to the AAA Daily Fuel Gauge Report. That's a drop of 2.3%, which may not seem like much. But if the rate of decline continues for the balance of August, regular gas prices could drop below $3.50 per gallon.

Canadian Dollar Falls on Slowing Global Economy, Crude Oil Price, Equities

Canada’s dollar fell for the second week as stocks were pummeled and oil, the nation’s largest export, declined to the lowest level since February, signaling less demand for risky assets.

The loonie, as the currency is nicknamed, fell versus 12 of its 16 most-traded counterparts this week on speculation slowing economic growth will weigh on demand for raw materials. Growth concern was tempered yesterday when reports showed Canadian jobs grew for a fourth straight month in July and employment increased in the U.S., the nation’s largest trading partner, more than forecast. Demand for Canadian government securities will be tested when the Bank of Canada auctions three-year debt on Aug. 10.

“Concern over the health of the U.S. economy is probably a very negative translation to the Canadian economy,” said Gregory Salvaggio, senior vice president of capital markets in Washington at the currency trader Tempus Consulting Inc. “On top of that, significant slippage in commodity prices all contribute to downward pressure on the loonie.

The Canadian currency fell 2.8 percent to 98.20 cents per U.S. dollar in Toronto from 95.52 on July 29. One Canadian dollar buys $1.0183. It touched 94.07 cents on July 26, the strongest since November 2007.

Stocks get little help from oil rally

Oil prices rebounded Friday from steep declines but the shares of Calgary-based oil and gas companies continued to fall to new depths.

ICE Brent crude for September delivery rose $2.12 to settle at $109.37 US a barrel on Friday and West Texas Intermediate futures crept up 25 cents to settle at $86.88. On Thursday, Brent plunged $5.98 and WTI was off $5.30.

In spite of the commodity price gains, Calgary oil producers, oilsands producers, gas explorers and service companies alike lost market value.

Savanna Energy Services Corp. was down 7.7 per cent, PetroBakken Energy Ltd. was off 7.1 per cent, Athabasca Oil Sands Corp. lost another 6.5 per cent, Husky Energy Inc. and Canadian Oil Sands Ltd. each fell three per cent, while Encana Corp. was down 2.9 per cent.

The S&P/TSX Energy Index fell 5.9 per cent Friday, leaving it at 2776.78.

That's down 11.5 per cent on the year.