Crude oil prices finished the last full session of trading on the negative side
of break-even. The recent drop in crude oil prices may be just a short term
reprieve and does not necessarily mean that gas per gallon prices will follow
lower. Gas per gallon prices have been on the rise in the U.S. and Americans
want to know when the surge will relent. Investors are beginning to worry that
the ongoing rise in gas per gallon price will have a negative impact on the
economic recovery in the U.S. As of last session close, crude oil price per
barrel was lower by 1.97 percent on the day and posted a floor price close at
$106.70. Prices have moved away from the $110 mark which posted during the
initial half of last week but overall, oil price trend-line is still sloping in
a positive fashion. Crude oil price trends are still positive by approximately
10.3 percent according to one month change analysis at this point in time.
National Gas Prices continue to climb higher as well. Current statistics reveal
that the national average of a gallon of gasoline has topped $3.75 per gallon.
According to data gathered via AAA, gas prices have notched higher every day
over the last several weeks. The U.S. economy continues to make strides towards
recovery, but the above average prices for crude oil and gasoline will make the
process more challenging. Camillo Zucari
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