Gas down…oops…not

The report for last week shows US retail gasoline price down after 3 record weeks just in time for a 50 cent/gallon jump in the spot price on Monday and September gasoline futures trading at $2.50/gallon. (Add 14.8 cents a gallon in federal taxes and 8 cents a gallon in Alaska up to 32.1 cents a gallon in Wisonsin for state taxes, plus distribution costs and $3-3.50/gallon gas looks like it will be pretty common.) Forget “loans” or drawdowns from the SPR (which, did I mention, is full), I think it’s time to listen to the Cato Institute.

After hitting a record high for three weeks in a row, the U.S. average retail gasoline price fell a slight 0.2 cent a gallon over the last week to $2.61, the government said on Monday.

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