The higher than expected build in gasoline prices in today’s weekly DOE data is sending front month gasoline futures down 2.5%. This may result, in the next few days, in the very first decline in retail gasoline prices at the pump since April 28th, as measured by the daily AAA national unleaded gasoline price survey. During this period, the average retail price has risen from $2.05 per gallon to $2.68 as of yesterday. Prices bottomed at $1.62 on Dec 30th. This $1.06 rise in gasoline prices since Dec results in an extra $146b annualized that consumers need to cough up.
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