Gas prices rise for 50th straight day

NEW YORK — Retail gas prices climbed for the 50th straight day Wednesday, the longest streak in records dating to 1996, even as benchmark crude fell for the fourth day in a row.

Historically, filling station prices tend to rise during the summer as millions of vacationing Americans pour onto the highways. A surge in crude prices during the past few months and less production from the refiners that make gasoline has added even more pressure on prices.

Pump prices added a half cent overnight to a new national average of $2.679 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular gas has jumped nearly 37 cents in a month. That’s still cheaper than a gallon of gas three years ago at this point in June.

http://www.miamiherald.com/135/story/1099574.html

Last 5 posts by MacroMan

categories Commodities/Futures, Currency, General, Politics, Strategy/Allocation | MacroMan | datetime June 17, 2009 12:12 pm

2 Comments

  • By YSadan, June 17, 2009 @ 3:59 pm

    what are the chances that it will continue to go only up? highly unlikely. the question is whether there is a longer term play here. If so, what is the best implementation method. UNG (which invests in the near/cash markets)? Nat gas players? Any thoughts?

  • By thatsabet, June 17, 2009 @ 4:06 pm

    I consider this a SUPPLY issue across the entire energy spectrum. People continue to focus on the “above ground supplies” and slack demand to justify their thoughts which make the recent rise unsustainable. What if this rally is completely justified by limited supply? Corrections are to be expected. But, we should not build cheap energy prices into any investment model.

    **UGA is the Gasoline ETF

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