Wednesday, March 27, 2013

A bump on the gas price rollercoaster

Back on the Ides of March, I was complaining about the ride becoming boring.
On Tuesday, February 26th, prices had fallen to $3.79 at the local stations. I didn't see the prices for a week, as I was on break and also recovering from surgery. By the middle of last week, the price had fallen to $3.65, where it has remained since then. As I wrote in the title, boring. That's bad for a rollercoaster, but good for the economy and people's budgets. May the prices stay there for a while.
I didn't get my wish. The next week, the prices at all the local stations rose to $3.79 again. They stayed there until yesterday, when they all dropped to $3.69. It looks like we'll be going up by small steps instead of a sharp rise for a while.

As for how high gas prices are likely to rise, check out this graph from Econobrowser.

Looks like we'll be going up to $4.00 again as long as the pattern holds.

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