Oil’s up about 108% throughout the last 118 days, making this current streak the sixth strongest bull-market rally since daily pricing began in 1986, market research firm Bespoke Investment Group says. However, in terms of duration, it only ranks 14th out of 26 bull markets overall.
Firm notes prior bull markets have gained 66.1% on average, while lasting approximately 217 days.
“This makes the current rally in oil nearly twice the average bull market gain in nearly half of the average duration,” Bespoke says.
AAA says the national average for unleaded gasoline has risen to $2.63, the highest since late October and up from recent $1.62 low that came at the end of December.
Miller Tabak equity strategist Peter Boockvar crunches the numbers and figures the US uses about 9 million barrels of gasoline a day with 42 gallons in each barrel.
Therefore, 378 million gallons are consumed a day, which equals about 140 billion barrels a year, meaning every $1 increase in gas prices equals an extra $140 billion in consumer spending at the pump.