Photo: Flickr / Misha and Huzi
After running up for four months and nearing the psychological barrier of $4 a gallon, gas prices have started to fall across the nation.And today, UBS’s Art Cashin points to a recent historical pattern that suggests gas prices may have already peaked.
From today’s Cashin’s Comments.
A friend passed along a list that I found rather fascinating. According to published data, the price of gasoline has begun to peak earlier each year.
In 2008, gasoline prices topped on July 11th. The next year, 2009, they topped out on June 16th. In 2010, the high came on May 3rd. Last year, he said gasoline’s high came on April 29th. If those dates are correct, we may very well have already seen this year’s high gasoline price. Fill it up!