Crude oil prices topped $65/bbl last week, and need to only move one dollar higher to double the winter low. Gasoline, futures, meanwhile, topped $ 1.90/gal, reflecting an increase greater than 140% since December.rnFundamentals of supply and demand suggest that the markets have reached "runaway" status, since the five-month increases surpass similar percentage increases over the same period in the last 20 years.rnThe Midwest saw the most severe increases with spot gasoline in Chicago hitting $2.10/gal. California also exceeded $2.00/gal and wholesale racks flirted with this neighborhood in the Great Plains and Northwest.
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