Wednesday, February 18, 2009

Gasoline price spike peters out, may fall back

The recent spike in the price of gasoline from the $1.75 range has petered out here in the $1.96 range. The AAA Daily Fuel Gauge Report shows the national average retail price for a gallon of regular unleaded gasoline at $1.957, about a penny below its peak a few days ago.

Wholesale gasoline futures have declined lately, with March RBOB unleaded gasoline futures at $1.1215, indicating that retail prices are headed for $1.72 to $1.77 within a few weeks, about 20 cents below the current price level.

Gasoline below $2 continues to mean more cash in the pockets of consumers and less pressure on their budgets as well as the budgets of businesses and governmental entities. It also means more traffic on the roads.

-- Jack Krupansky

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