Gasoline Spikes to Record $4.49, Just in Time for Summer Driving Season. Crude Oil Jumps. Not going to Help CPI in May | Wolf Street

ver the past seven days, the average price of all grades of gasoline spiked by another 16 cents to a record $4.49 per gallon on Monday, May 16, the fourth week in a row of increases, and was up 48.3% from a year ago, according to the US Energy Department’s EIA late Monday, based on its surveys of gas stations conducted during the day. This comes just in time for summer driving season

Since the end of April, the price of gasoline has jumped by 9.3%. So, gasoline will provide some additional and totally unneeded oomph for the inflation rate in May.

Crude oil WTI futures have now broken out of their trading range that prevailed since mid-March, following the spike in early March, and are currently at $113.82 a barrel, the highest since the brief spike in early March, but well below the tippy-top of the spike in July 2008, which maxed out for a brief moment at $150 a barrel.

Gasoline Spikes to Record $4.49, Just in Time for Summer Driving Season. Crude Oil Jumps. Not going to Help CPI in May | Wolf Street