No Solace at the Gas Pump

It would appear to be a mystery worthy of Sherlock Holmes. If OPEC is reeling and the price of crude oil is falling, then why has the cost of gasoline been going up? The Los Angeles-based Lundberg Letter shows that since February the average retail price for all grades of gas has jumped from $1.14 per gal. to $1.24, taking some of the fun out of summer driving.

Though far from elementary, a plausible explanation for the trend can be found in the cyclical swings of supply and demand for auto fuel. Little more than a year ago, the world was...

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