Some Modest Relief At The Pump

Includes: UGA
by: Bespoke Investment Group

While gasoline prices are nowhere near low, they have come in considerably from their highs earlier in the year and currently stand at about $3.53 per gallon. In the wake of this decline, prices at the pump for this time of year are currently at their lowest levels since 2010. That said, there have only been three years in the last 10 where prices were higher at this time of year.

Looking at a longer-term chart of gas prices shows some positive trends for consumers. Since the all-time peak of $4.11 in the summer of 2008, gas prices have now made four lower highs. With a pattern like that, any technician would tell you that until that string of lower highs is broken, the trend is lower.