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Saturday, July 13, 2013

Gas Prices Have Biggest Daily Jump In 6 Months

Do not worry, we are told on a daily basis, the rise in crude oil prices is transitory and won't affect gas prices and implicitly the US consumer's pocket book (already ravaged by spiking mortgage rates). Well, sorry to burst that little fantasy but gas prices in the last few days have surged (up 9c in 4 days). In fact today's jump is the largest in six months and pushes regular close to its all-time high for this time of year. Arguing not to worry as gas prices are more sensitive to Brent is a non-starter as it is very evident, despite the export of WTI, that gas prices are tracking the higher prices of crude oil and if history is any guide - with regard the lead-lag from crude to wholesale gasoline to retail, gas prices will be at new all-time highs for this time of year within the next month.

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4 comments:

Anonymous said...

I am so Fn fed up with this State.

Obama Crooked Motors said...

Price of gas when Obama took office $1.88 /gal.
When he said "Change" he was right, he just 'forgot" to tell the people' it was Change For Worse.

Anonymous said...

1046 half truths are soooooo boring

Anonymous said...

Between the OweMalley tax increases and the greedy gouging.....we need to wean ourselves off this stuff!