Gas Stations are Still Doing This While Oil Prices Crash
Once again someone forgot to tell gas station operators (NYSE:XOP) that the CME (NASDAQ:CME) is doing all it can to generate a feedback loop which kills commodity (NYSE:RJI) prices and general price stability (price plunges, vol surges, leading to margin hikes, leading to more plunges, leading to even more vol and even more margin hikes, etc). After gas prices rose by about a cent yesterday, the rise according to AAA continues, with average gas prices on the verge of a post 2008 high, even as crude (NYSE:USO) prices have taken a nearly $20 hit in the past two weeks.
Yesterday the average regular price was $3.984, up from $3.962 yesterday, and unchanged from a week ago.
Yet for all fools who believe the administration will buy such nonsense as “sticky prices” we have a message for you: it won’t. After Holder was removed from his carbonite cryogenic bath, when over 3 years we heard absolutely nothing from him, and is now running around shooting oil (NYSE:USO) “speculators” (but not the money printer, never the money printer) with impunity, NBC Washington reports that the DC AG has launched a criminal investigation into a “suspicious” 25 cent price jump. Because there are no trillion dollar crimes on Wall Street.
Tyler Durden is the founder of Zero Hedge.