The crack is out of whack
May 19, 2011 11:41 AM Subscribe
Unusually for a spring season, gasoline prices have been steadily climbing
in the US since the beginning of 2011, and have surpassed $4/gallon in many US states, largely due to political instability
in many oil-producing African and Middle-Eastern nations. "Not so fast,"
says the Department of Energy. Although the price of crude oil has climbed steadily throughout the year, the price of gasoline has climbed much faster -- a disparity known as the crack spread
, which has remained
at its highest level in 32 months, even in light of a sharp decline in the price of crude oil at the beginning of the month. The DoE speculates that although crude oil is cheap and plentiful enough, the 2011 Misssissippi River Floods
are currently more to blame for $4 gas than the uprisings in the Middle East.
posted by schmod (125 comments total)
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