January Gasoline Prices at All-Time Monthly High
The relatively good news about US economic growth is having one not-so-pleasant side effect. The average price of gasoline set a record high for the month of January at $3.37/gallon. That’s $0.275/gallon higher than January 2011 and $0.66/gallon higher than…
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The relatively good news about US economic growth is having one not-so-pleasant side effect. The average price of gasoline set a record high for the month of January at $3.37/gallon. That’s $0.275/gallon higher than January 2011 and $0.66/gallon higher than January 2010.
Last week in California gasoline averaged $3.758/gallon, compared with $3.397/gallon, last year’s new record high for the month of February. The average US price last week was $3.482/gallon, $0.35 higher than last year’s record-setting price for the month.
Improved economic growth, more refined product exports from the US, and the rising price of Brent crude are all working to push prices up. With Brent now the de facto benchmark price, the $18/barrel price differential between Brent and WTI is likely to pull the price of WTI up, keeping US prices high.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
