By Dian L. Chu, EconForecast Just in time for Christmas, On Wednesday, Dec. 22, U.S. gasoline prices hit an average $3 a gallon for the first time in more than two years, according to AAA’s Daily Fuel Gauge Report. Meanwhile, U.S. stocks and oil also climbed to the highest levels since 2008. Crude = 71% of Gasoline Price Crude oil is the biggest component, and accounts for about 71% of the price of gasoline as of Nov. 2010, based on EIA estimate (Fig. 1). Roughly, for every one dollar increase in the per barrel (42 gallons) price of oil, gasoline prices rise 2.5…
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