been hanging at about $2.60-$2.65 for weeks now. 10 -15 cents cheaper right across the state line in SC. Their gas tax is 14 cents less. Guess where I buy my gas?
CNBC says an oil/gas inventory report is due out tomorrow.
Oil was down about $1.73 while Unleaded Gas was down 4.75 cents.
The analysts think commodities traders are getting ouit of of oil and buying gold. Gold reached a record high today of $1169 per troy oz.
The dollar is the measuring stick. Traders are using other investemnts as a hedge vs the dollar's decline. Oil was one of these investemnts. But demand the demand is just not there to support the prices.
The decline of the US Dollar is in anticipation of inflation due to excessive government spending. The dollar held steady today vs the Euro, British Pound, Japanese Yen and the CDN Dollar.
I expect gas prices to slide after the holidays.