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As a result of ongoing geopolitical tensions as well and increasing global demand, the price of crude oil continues to trend higher. Over the past eight months, the cost of one barrel of crude oil has increased by over $40. With oil prices trending higher, it is not all that surprising to find that gasoline prices are following suit. Since the financial crisis lows at the end of 2008, the average US price for a gallon of unleaded has risen $2.18 per gallon. The only time when gasoline prices were higher than today was during a brief three-month period in mid-2007, just prior to the Great Recession.
Notes:
- Will the price spike continue? The answer may surprise you. Find out now with the exclusive & Barron's recommended charts of Chart of the Day Plus.
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Quote of the Day
"My formula for success? Rise early, work late, strike oil." - John Paul Getty
Events of the Day
April 29, 2011 - Arbor Day
May 01, 2011 - May Day
May 03, 2011 - National Teacher Day
May 05, 2011 - Cinco de Mayo (Mexico)
May 07, 2011 - Kentucky Derby
May 08, 2011 - Mother's Day
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