Do not look now, but gas prices are nearing their late summer levels. The 52 week high on the United States Gasoline Fund, LP (UGA) was $62.13. The current price is $61.69, +0.91 (1.51%). Refiners are having a field day with the increase in price as Valero Energy Corporation(VLO) hits a new 52 week high today at $38.79, +0.69 (1.81%).
This should be of concern to investors and those watching the U.S. economy. Since January 2013, the payroll tax cut has vanished and now gasoline prices are at their 52 week highs. The summer is not even upon us yet. While the Fiscal Cliff was avoided, the economy may see death by one-thousand cuts.
It is likely both the UGA and Valero will pull back soon based on their technical charts. However, the pull back will be just that - a pull back. By summer, watch out. The pain at the pump will continue.
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Sneaky Gasoline Prices Eat Into The Consumer
Published 01/29/2013, 12:36 AM
Updated 07/09/2023, 06:31 AM
Sneaky Gasoline Prices Eat Into The Consumer
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