Gas Price Surge Hitting Consumer Auto and Heat Bills
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.