Average Gas Price Declines For First Time In A Year.... By Six Tenths Of A Cent
And so we see why the proverbial 15 minute inflation reduction, even achieved though such brute force methods as relentless margin hikes everywhere except in the ES and 100x forward P/E stocks, is nothing but hot air. After dropping by over 10% in a few days, crude is now trading at a level that corresponded to gasoline in the low $3.00 range. Instead, as AAA reports, average gas prices did decline.... by $0.006. Apparently in his extended Princetonian studies, Printocchio never got to the class which says that prices are sticky on the way up, and refuse to plunge with the same enthusiasm, especially when involving margin starved companies which are more than happy not to undercut each other on overhead prices for a long, long time.
And while crude is already on the way up, and will likely regain its recent highs within a week, average gas prices continues to be just 15 cents away from the all time highs hit in 2008. Surely, this "massive" differential is enough to fill consumers with a warm, fuzzy glow.
And lastly, and most importantly, about 15 states now have an average regular price of over $4.00. Now where is Laszlo's ruler...
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