If you still think the stock market is going higher, gas prices rising for the 50th day in a row will get you thinking about it a little longer.
Retail gas prices climbed another day today, marking the 50th straight day of rise and the longest streak in record since people started keeping track in 1996.
Usually, summer season is when gas stations jack up the prices as people start driving more, but the recent surge in crude oil prices and the drastic cut back from refiners have added to the pressure.
I still remember a few short months ago when gas prices came back down to sub $2 level. Now, I’m happy when I see $3 gas (I live in Southern California).
With this gas price surge, it’s going to be interesting to see how the U.S. consumer with high unemployment and fear of inflation will deal with all this. Economic recovery? Please…
And the argument that there’s less demand this year? That’s also incorrect. Demand for gasoline was up 1.1% from last year, averaging 9.3 million barrels a day over the past four weeks.
I guess the only way we can get out of this is if the dollar strengthens, which again is not the best thing for the stock market.
Gather more cash everyone! Looks like the mattress trade is coming back!