There is not much more to come, if crude oil prices stay near their current level. If they drop, we may see very little rise or none.
Crude prices rose in most recent days but did not get passed through into wholesale [image-nocss] gasoline, so refiner margin dropped. It is the only thing that did drop. Even retailer margin and tax on gasoline rose slightly on average in the past two weeks.
Assuming a completed passthrough of oil prices to wholesale and through to retailno mean feat during weak demand and serious underemploymentfrom here the average retail price gains a few more pennies. Supporting further rise is the fact that Midwest retail prices increased substantially more than other regions, since the Midwest often leads the way in a directional shift.
The current $2.76 is just a dime above the year-ago level, a shallow disincentive for motorists. If it should now rise to $2.80, it would sit some 24 cents per gallon above the July 9, 2010, pricenot a positive for gasoline sales growth.
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