Is it possible to predict gas prices by looking at crude oil prices?

I’ve heard the gas price trend closely follows the crude oil trends but gas prices are a little slower. So is it possible to predict a rapid rise in gas prices say 2 weeks before it actually happens? Like if you see oil prices going up how long would it take gas prices to follow? days or weeks? How does this all work?

One Response to “Is it possible to predict gas prices by looking at crude oil prices?”

  1. simplicitus Says:

    Not accurately. A much better estimate of future gas prices comes from the the gasoline futures:
    http://en.wikipedia.org/wiki/Futures_exchange
    http://www.bloomberg.com/markets/commodities/futures/

    To compare gas and oil prices on the same chart, take a look at:
    http://gasbuddy.com/gb_retail_price_chart.aspx
    (Note the check box to include oil prices and the select of time scale)