The weekly average price of a gallon of regular gas is $3.88, up three cents compared to a week ago, according to the Department of Energy. This price is up 28 cents from a year ago.
Gas prices are still expected to move lower in coming weeks, but protests in oil producing countries have pushed the price of crude oil higher which contributes to higher gas prices.
The Fed’s QE 3 announcement last week is another factor that could keep prices higher.
Something weird happened in the crude oil market today…
Crude oil prices dropped $3 in less than a minute in New York trading today. Brent crude, a separate crude oil market also saw a similar price plunge.
It was not immediately clear what caused the sharp drop, absent any concrete reason there is speculation that this was the result of a high frequency trade – a massive computer trade.
There are also persistent rumors that there could be a Strategic Petroleum Oil Reserve release.
Oil settled at $96.62 a barrel in New York trading today, down $2.38.