Here’s a chart based on the weekly gasoline price update from the Department of Energy with an overlay of Light Crude, which closed today at 87.27, down 5.67% from its interim closing high on January 31. Gasoline prices at the pump, nevertheless, have crept higher over the past week.
As I’ve pointed out before, the substantial rise in gasoline prices over the past few months runs counter to the normal pattern of a price peak around Labor Day.
The increased prices in crude oil and gasoline was reflected in the wider gap between Headline and Core CPI in the inflation data for December.
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