The price of a barrel of crude oil has traded sharply higher over the past 4 1/2 months and currently trades above $91 as a result of continued geopolitical tensions and oil suppliers struggling to keep up with demand. With oil prices trending higher, it is not all that surprising to find that gasoline prices are following suit. Since the financial crisis lows at the end of 2008, the average US price for a gallon of unleaded has risen $1.42 per gallon. When adjusted for inflation, gasoline prices are once again above three dollars per gallon -- a level not often seen over the past three decades.
Friday, January 14, 2011
Just in case you haven't noticed at the pump, Chart of the Day reports Gasoline prices top $3 per gallon: