Crude oil futures dipped below $35 a barrel today as the market reacted to Vice President Al Gore’s support for tapping into the nation’s strategic oil reserves to lower prices.
Oil futures contracts traded at $34.40 a barrel today.
President Clinton said he planned to watch the oil market for a few days before deciding whether to tap into the oil reserves.
RV industry sources generally believe that gas and diesel fuel prices at current levels have relatively little impact on the retail demand for RVs. However, they are worried about that higher fuel prices will raise the level of inflation to the point where the Federal Reserve Board raises interest rates again.
Higher interest rates and general economic uncertainly are viewed by RV industry executives as the primary reasons why motorhome dealers did not replenish their inventories on a one-for-one basis this past summer.