Wednesday, March 28, 2012

Update: Gasoline Prices

by Bill McBride on 3/28/2012 08:14:00 PM

From the WSJ: Iran Oil Flow Slows, and Price Fears Rise

By the end of March, with three months until a European Union embargo on Iranian oil takes effect, Iran's exports are expected to fall by about 300,000 barrels a day from last month, to 1.9 million barrels daily, a nearly 14% drop ...

Mounting fears of Iranian disruptions have sent the price U.S. motorists pay at gasoline pumps closer to $4 a gallon.
From Jim Hamilton at Econbrowser: A rational reason for high oil prices

From the WaPo: Gas prices in D.C. surpass $4 a gallon
Two months before the summer driving season officially starts, average gas prices in the Washington region have hit $4, the earliest they have ever reached that milestone ... According to AAA’s national survey of gas prices, a gallon of regular-grade fuel is now averaging $4.15 in the District. ... The national average is $3.91, compared to about $3.70 last month and just below $3.59 this time last year.
Hey - I wish gasoline was back to only $4 per gallon in California!

Note: The graph shows oil prices for WTI; gasoline prices in most of the U.S. are impacted more by Brent prices.

Orange County Historical Gas Price Charts Provided by GasBuddy.com

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