As of this writing, at 11:15am, gasoline is poised for another deep loss (good news) on the wholesale markets. Currently gasoline for May delivery is trading down 8.51 cents PER GALLON. This could mean pump prices locally could drop back into the 3.40’s before any threat of a hike. Oil is also down $2.43 per barrel.
These losses are largely due to the gain in the US Dollar. The Dollar is battling back against the Euro, rising to a five-week high against Europe’s major currency.
As the Dollar continues to build strength, we will see oil and gasoline prices come down to realistic levels.
More as it develops.