The United States Oil (AMEX: USO) ETN is currently down 1.7% at $34.53 and that nearly matches the low seen last Friday. It has a 52-week range of $29.10 to $42.30.
AAA has a daily fuel report showing that the national average is $3.68 for a gallon of regular unleaded and $3.845 for a mid-grade gallon of unleaded. GasBuddy lists the average price today for regular unleaded as $3.888 per gallon.
Gasbuddy even shows the lowest state average of $3.305 per gallon being in South Carolina, with California being the highest of the states (not counting Alaska and Hawaii) at $4.308 per gallon.
The long and short is that this may be tied at least some to currency appreciation of the U.S. Dollar, but the growing fears of a the cloud of recession is causing perhaps the greatest fear out there for oil and gasoline prices.
JON C. OGG
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