Gasoline Does Not Cost $5 per Gallon

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Monika Bauerlein,
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Larry Kudlow tweets a promo for tonight’s show:

I’ll have more to say about this tomorrow morning, but for now I just want to make one point: gasoline isn’t shooting up to $5 per gallon. If you look at the most expensive grade, in the most expensive formulation, in the most expensive state, at the most expensive gas station, then a gallon of gas comes close to $5. But the EIA publishes the average price of gasoline on a weekly basis, and as of this week it’s…..

$3.78.

Not five bucks. The price of gas is indeed up, and that’s bad news, but it’s not up that much, and it’s not at record-breaking highs either. As recently as last April, it was even higher. So everybody take a deep breath, OK?