This morning, the United States Gasoline Fund (NYSEARCA:UGA) 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 (GDP) in the United States.
The popular United States Oil Fund LP (ETF) (NYSEARCA:USO) 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 (NYSEARCA:OIL). The OIL is trading higher by 0.38 cents to $26.92 a share. Higher oil prices will affect the global economy sooner or later.