It seems not a day goes by when the mainstream media (or your local friendly asset gatherer) proclaims the drop in gas prices from a Middle-East-turmoiling Summer as “great news” and very positive and an implicit tax cut… as they try to juice hopes and dreams of a better-than-expected holiday spending season. The sad truth – something unusual in this new normal – is that regular gas prices (at $3.258) have never been higher on Christmas Eve. It seems context does matter…
Yesterday, we inched out 2012’s $3.247 and moved to $3.258 per gallon…
This is the first time since March that gas prices have been at seasonally-comparable record highs.
Source: Bloomberg
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/jn-YxaZTZPk/story01.htm Tyler Durden