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Thursday, April 29, 2021 9:23:46 AM
“The price shock comes just 12 months after the worst oil rout in history sent the price of West Texas Intermediate crude, or WTI, into negative territory. The knock-on effect of the current rally may be surging fuel prices across the country.
“Remember last year at this time crude was at zero,” said Jeffrey Spring, a spokesman for the AAA auto club of Southern California. “Now we have WTI over $60, which is at a 2019 level.”
Gasoline futures climbed 2.4% to $2.0679 a gallon at 11:39 a.m. on the New York Mercantile Exchange, pushing the year-to-date advance to 47%. The national retail average was at $2.89 on Wednesday, up 3 cents in the last month. GasBuddy analyst Patrick DeHaan said chances are high that the national average will reach $3 this summer.”
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