real-time news and commentary for investors
Tuesday, Sep 17
Dubious distinction: U.S. gasoline prices hit 1,000 days above $3/gallon
- The national U.S. average gasoline price chalked up its 1,000th consecutive day above $3/gallon today, with no break in sight, according to AAA.
- The numbers offer some good news for drivers and bad news for oil companies: Monday’s price of $3.52 was $0.35 less than a year ago despite crude oil prices having risen ~$10/bbl in that time, and gas prices have stayed in a fairly narrow range of $3.40-$4 since the start of 2011.
- Gas prices could moderate but they won't fall below $3/gallon, says Patrick DeHaan of GasBuddy.com; paying less than $3 may have gone the way of using eight-track tapes or going to a drive-in movie, AAA's Bob Darbelnet says.
- ETFs: IEO, IEZ, IYE, PXE, PXI, XES, XLE, XOP, VDE, RYE, FXN, OIH, PXJ, PSCE, ERX, DIG, ERY, DUG, DDG.