Despite being weeks away from the start of the driving season proper,
gas prices - at the pump - have been surging recently. With premium now
over $4 nationwide (over $5 in SoCal - up 25 days in a row), this is the most expensive gas has ever been for the second week in February
despite gasoline being relatively well supplied. Gasoline futures have
ripped higher as unplanned maintenance, refinery closings, and rising
crude oil prices (seemingly more central bank liquidity-driven than
middle-east tensions) have impacted wholesale price expectations (and
thus retail). The 44c rise is the fastest in four years and the year-to-date surge over 12%
(outpacing stocks) is almost four times faster than average. What is
more worrisome is the fact that seasonally the next month or two are
when the biggest price spikes occur - which coupled with the tax-hike
drag, will inevitably eat into people's spending habits and sentiment.
Gas Prices at the pump are the highest on record for this time of year...
With the last month seeing the biggest rise in almost four years...
and far in excess of the average seasonal shift - which is set to start...
And in Southern California, $5 gas prices are now the norm!!
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