April 7, 2011
I routinely post an update on gasoline prices on Monday afternoons when the Energy Information Administration data is published. But today's close above 110 for West Texas Crude Oil (WTC) prompted me to post an interim snapshot with today's WTC close and the latest price for regular gasoline from the GasBuddy.com website.
Here is a link to GasBuddy's average gasoline price for regular by state. As I type this, three states have an average north of $4.00.
Commodity expert Dennis Gartman was interviewed by CNBC on Monday, when WTC closed above 108.
One day we'll wake up and everyone will say oil is too high but right now the trend is oil keeps making new highs and the market climbs. If we rush up $20 dollars that's a whole other story, but I think we can accommodate another $3, $4 or even $5 in crude.
Three days later, we're up a couple of dollars on crude. The price action for oil over the next few weeks will be important.
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