Today, the price of a barrel of crude oil closed just shy of the $110 level as geopolitical tensions continue and oil suppliers struggle to keep up with demand. With oil prices rising, it is not all that surprising to find that gasoline prices are following suit. Over the past six months, the average US price for a gallon of unleaded has risen 51 cents per gallon. When adjusted for inflation, gasoline prices are at 27-year highs and within 2% of the inflation-adjusted peak of 1981.According to this article, soem experts predict gas prices may fall. Or not:
Crude oil may fall this week as imports increase and US refiners operate at below-average rates, bolstering inventories.You can achieve the same level of accuracy by flipping a coin...
Fifteen of 28 analysts surveyed by Bloomberg News, or 54 per cent, said prices will drop through April 18. Eleven of the respondents, or 39 per cent, said futures will rise and two forecast that prices will be little changed.
A week ago, 47 per cent said oil would decline.
This is the 14th straight week that analysts have forecast a decline in prices. The oil survey has correctly predicted the direction of prices 50 per cent of the time since its introduction in April 2004.
Platt's notices a "disconnect" between gasoline prices and crude oil supply in a podcast here.