Zacks highlights commentary from People and Picks Member
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This morning, the
United States Gasoline Fund
) is once again trading higher. The UGA is climbing by 0.97 cents
to $58.09 a share. The move today in the UGA puts it at a new three
year high. Gasoline prices at the pump have steadily increased
since late December 2011.
The average price of regular unleaded gasoline in the United
States is now $3.89 a gallon. Many parts of the country are paying
much higher prices, California residents are paying $4.51 a gallon
on average. High gasoline prices are a direct tax on the U.S.
consumer. Everyone should remember that U.S. consumer spending
accounts for 70.0 percent of the gross domestic product (
) in the United States.
United States Oil Fund LP (
) is trading higher by 0.48 cents to $40.65 a share. This daily
chart is still very strong by trading above the important 50 and
200 moving averages.
The other popular trading vehicle for oil is the
iPath S&P GSCI Crude Oil Total Return
). The OIL is trading higher by 0.38 cents to $26.92 a share.
Higher oil prices will affect the global economy sooner or
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