The direct cause is crude, and the indirect cause is the weaker dollar, kicked further down by federal monetary policy. Another federal policy, the support for ethanol that includes mandating its sale, contributed some to higher pump prices because ethanol prices have been jumping.
The [image-nocss] two-week rise of a nickel at retail brought retail margin back up to a more normal level.
Retailers had skinnied dangerously during the prior two weeks, as crude's impact on their wholesale buying prices hit them. This recovery more or less completes the passthrough of what the weaker dollar did to crude.
Next up, logically, would be improved refiner margin on gasoline, which fell again (and it is the lowest it has been since April this year). This has to come before long if refiners are to avoid closing more capacity.
Some refiner margin recovery would be visible in a further retail gasoline price rise unless crude oil prices retreat.
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