Costs have taken a great bounce. Gasoline prices rebounded by 5.36 cents/gallon at the average rack in Selma. Diesel prices moved up by 1.66 cents/gallon. Crude rebounded by $2.45/barrel now $83.12/barrel. It is interesting that West Texas Intermediate is only $1.35/barrel less in price than Brent crude, not the $10 it has been historically. Could it have something to do with those 15 refineries in Europe that were shuttered trying to compete with finished products from the U.S? They quit buying the high price crude so the price dropped to become more competitive.
I want to see the dollar rise, finally, after all the QE’s. Crude is traded in dollars. The higher the relative value of the dollar, now about 85 cents against the 10 major currencies, then our gasoline and diesel fuels prices should drop, giving the whole country a “tax credit”, both companies and individuals. We shall see………..
Have a great day,