What’s the deal with gas prices these days?
Since March 29, the average cost of a gallon of gasoline has inched higher every day.
On Wednesday, it topped $3.68, up seven percent since the beginning of the year. This is the highest level in five months.
Sad!
It could soon top $3.75.
But will it reach $4 again?
The way oil prices are trading, probably not, unless gasoline consumption consistently exceeds nine million barrels.
According to the Energy Information Administration (EIA), gas demand fell to 8.519 million barrels for the week ending April 14, down from 8.936 million barrels in the previous week.
That said, it is interesting that crude oil prices have not flirted with $90, despite OPEC nations slashing production.
The reason? Growing recession fears.
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