Assuming futures contract prices for gasoline are useful predictors for future gasoline prices:

Figure 1: Average regular gasoline prices (black), NYMEX RBOB August 2022 gasoline futures prices (blue), and NYMEX RBOB gasoline futures (red +), all in $/gallon, on log scale. July futures prices through 7/5. Source: EIA via FRED, INO.COM accessed 7/6, and author’s calculations.

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