Gas Price Update
posted by Ben Engebreth on 07.11.2005
Interestingly, gas prices hit a new high today relatively late in the summer. Actually, it's not too late in the summer, but it's late for the market to rally oil to highs in excess of $60 as prices usually rise in anticipation of summer not anticipation of the end of summer. MSNBC is reporting that this weeks average price for regular gasoline in the US is $2.33 -- a record in nominal terms. There's a nice chart on the page as well that shows the increasingly long-term trend of rising gasoline prices going back a couple of years now. I'm sure a chart showing the price of oil would trend similarly.
It's been interesting to watch the number of new users here pick up in the last couple of weeks in line with this return of gas prices to this springs earlier highs. I guess it's pretty intuitive for the two events to be correlated, but it's always interesting when intuition proves itself out.
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