Gasoline Makes New 52 Week High

This afternoon the United States Gasoline Fund(NYSE:UGA) is making a new 52 week high. The UGA is now trading higher by 0.81 cents to $51.17 a share. The stock market indexes seem to love the high prices in the energy markets as the Dow Jones Industrial Average is now trading near the high of 2011 made on February 18, 2011. The average price of gasoline in the United States is now $3.60 a gallon. That number is certainly going to increase after this rally in oil and gasoline today. We can only wonder when these high gasoline prices will start to break the U.S. consumer. Please remember that consumer spending accounts for 70.0 percent of the GDP in the United States. The UGA has now rallied higher by 70.0 percent since the Federal Reserve announced its QE-2(U.S. Treasury Purchasing program) in late August 2010.