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Gas Prices Have Biggest Daily Jump In 6 Months

Posted By yihan On July 12, 2013 @ 11:18 am In Money Watch | Comments Disabled

Zero Hedge [1]
July 12, 2013

Do not worry, we are told on a daily basis, the rise in crude oil prices is transitory and won’t affect gas prices and implicitly the US consumer’s pocket book (already ravaged by spiking mortgage rates). Well, sorry to burst that little fantasy but gas prices in the last few days have surged (up 9c in 4 days).

In fact today’s jump is the largest in six months and pushes regular close to its all-time high for this time of year. Arguing not to worry as gas prices are more sensitive to Brent is a non-starter as it is very evident, despite the export of WTI, that gas prices are tracking the higher prices of crude oil and if history is any guide – with regard the lead-lag from crude to wholesale gasoline to retail, gas prices will be at new all-time highs for this time of year within the next month.

Biggest spike in six months…

Gas Prices Have Biggest Daily Jump In 6 Months 20130712 gas 0 [2]


and where is it heading?

Gas Prices Have Biggest Daily Jump In 6 Months 20130712 gas1 0 [3]


Charts: Bloomberg

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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/2013-07-12/gas-prices-have-biggest-daily-jump-6-months

[2] Image: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/07/20130712_gas.jpg

[3] Image: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/07/20130712_gas1.jpg

[4] On This Day In History, Gas Prices Have Never Been Higher: http://www.prisonplanet.com/on-this-day-in-history-gas-prices-have-never-been-higher.html

[5] Food Prices Surge Most In 26 Years: http://www.prisonplanet.com/food-prices-surge-most-in-26-years.html

[6] Oil prices soar as UN approves no-fly zone in Libya: http://www.prisonplanet.com/oil-prices-soar-as-un-approves-no-fly-zone-in-libya.html

[7] Gas prices expected to surge again soon: http://www.prisonplanet.com/gas-prices-expected-to-surge-again-soon.html

[8] Average Gasoline Price Jumps To Highest In 5 Months: http://www.prisonplanet.com/average-gasoline-price-jumps-to-highest-in-5-months.html

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