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Gas prices expected to soar. What gives?

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Rick Bowmer/AP/File

(Read caption) Gasoline drips from a nozzle at gas station in Lake Oswego, Ore. A rise in gas prices has more to do with seasonal factors than unrest in other parts of the goal, Styles writes.

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Which Oil Price to Watch?

Some economists and consumers are bracing for a sharp uptick in gasoline prices, because the price of crude oil has shot up by $10 per barrel in the last month. Except that it hasn’t, at least not if we’re talking about the global price of crude oil that’s factored into the price of the petroleum products sold in much of the US, especially along the coasts.

The global oil market, reflected in the price of UK Brent crude, is only up about $5 per barrel this month, mainly due to the situation in Egypt. A big part of the jump in domestic oil prices reflects the closing of a historically anomalous gap as US oil moves back into line with the rest of the world.

 
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