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Yesterday I posted my weekly gasoline price update based on the data released each Monday afternoon by the Department of Energy. The accompanying chart also includes an overlay of crude oil.
This morning I saw the chart below on Chris Kimble's website. He has highlighted a rising channel for crude over the past eight months. It appears we're at another technical inflection point. A break below the channel should give us some relief at the gas pumps. But if the channel holds, a bounce upward will no doubt drive transportation costs higher.
For a better sense of the correlation between crude oil and gasoline, the second chart is a price overlay since January 2010.
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