The average retail price for U.S. gas set a new record today reaching $3.30. Adjusted for inflation this 10 cents lower than the high reached in March of 1981. Crude Oil also rose today settling at $109.09.
Oil and Gas prices move very closely together. Changes in crude oil prices lead changes in gas prices by a few months but they are highly correlated. Prices also go up and down with the business cycle. Prices usually peak as a recession starts and then go down as demand falters with a sluggish economy.
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