$2.29? The market is roaring right now.

Wednesday, May 6, 2009, 7:30 AM:  Another price hike yesterday — to $2.29 — and it starting to feel a bit like the first half of 2008.  I write this because wholesale prices shot up 20 cents over the past week, so retail prices have followed, and we have our highest prices of the year.  Last year, wholesale prices seemed correlated to the stock market, and if you have been following, stocks have been doing better lately.  I also understand there are some short-term supply issues right now connected to switching over to the summer gas formulation.  I don’t anticipate another hike this week, but Patrick’s $2.50 prediction for this summer is reasonable.  I don’t want to think that far ahead.

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