Wednesday, May 30, 2012

Let's thank our friends in Spain for making this summer driving season cheaper

Spain's spreads once again hit new records today (10yr spread to Germany is now 5.37% - as the countdown continues). But the one positive outcome of the Eurozone crisis is a sharp decline in US gasoline prices. In fact the spike that started at the beginning of this year has pretty much been reversed.

NYMEX gasoline futures
So for those of us who have to do some serious driving this summer, let's not forget to thank our Spanish friends for making it that much cheaper.
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