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Gasoline Prices Fast Approaching New All-Time Highs

The US consumer just can’t catch a break.   Despite a stagnant economy gasoline prices continue to approach new highs.  The latest national gas price reading of $3.77 is just 8% below the all-time high of $4.11 set in 2008.  It seems like every time things start to look better than expected we get the usual suspects coming into play the role of party pooper.  And as gas prices approach all-time highs you can be certain that this drain from consumer spending isn’t helping.  Here’s more details from AAA:

“Today’s national average price for a gallon of regular self-serve gasoline is $3.72. This price is fractions of a penny less than yesterday; however it is two cents more expensive than one week ago, 22 cents more expensive than one month ago and 14 cents more expensive than this day in 2011. Not only is today’s price higher than the same day last year but it is the highest ever for this day in history. This marks the first time since April 23 that a national average in 2012 was the highest ever for the calendar day. The second highest average for this day was on August 20, 2008 at $3.717 a gallon and the third highest was last year at $3.578 a gallon. On this day in 2008 the national average price of gasoline was falling dramatically from the all-time high of $4.11 on July 17 of that year to a low of $1.62 on December 30. In 2011, the rate of decline was not as steep as 2008 but prices still fell after Labor Day, dropping from $3.66 on September 5 (Labor Day) to $3.21 on December 21. Even with an anticipated post Labor Day decline in prices, the daily national average likely will continue to set a new record for each calendar day as we head into the fall.”

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