The latest Today in Energy update from the Energy Information Administration tells us that the gasoline price increase over the past week was “the second largest one-week increase since EIA began tracking weekly retail gasoline price data in 1990. The only week posting a larger one-week increase was in September 2005 when retail prices rose sharply due to Hurricane Katrina.”
And what about oil (NYSE:USO)? Today’s 4.15% gain in West Texas Crude (closing at 101.11) doesn’t auger well for consumers. As I type this, Brent Crude Futures are trading at 116.33.