|Yesterday, China announced that it would increase both diesel and gasoline prices. As a result, the price of crude oil dropped $4.75, but still trades above $130 per barrel. With oil prices continuing to trade at historically high levels, it is not all that surprising to find that gasoline prices are following suit. Over the past four months, the average US price per gallon of unleaded has risen over one dollar per gallon. When adjusted for inflation, gasoline prices are at record highs and 18% above its old inflation-adjusted peak of 1981. Also, as illustrated by the today's chart, gasoline prices have spiked above a trend channel (see red line) that has been in existence since the beginning of the century.Notes:
- Which way are energy prices headed and what does it mean for interest rates and the stock market? Find out with the exclusive charts of Chart of the Day Plus.
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Quote of the Day"Oil is like a wild animal. Whoever captures it has it." - Jean Paul Getty
Events of the DayJune 20, 2008 - First Day of Summer (North America)
June 23, 2008 - Wimbledon tennis tournament begins (ends July 6th) - US Women's Open golf tournament begins (ends June 29th)
July 01, 2008 - Canada Day
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