This is "oh,oh" for another reason.
Over the past several months I have been surprised that US gasoline demand was not increasing in line with the improving economy. I attributed that to the rising price of gasoline and "demand destruction," as they say.
Well, well, well, look at this. And I say "oh, oh" because if gasoline demand is going up despite prices going up, all things being equal, prices should continue to go up.
The increase looks real, trending back to 9.5 million bbls per day as a four-week average. The most recent week: 9.6 million bbls.
