Could a Greece departure from the EU mean higher gas prices?
GasBuddy Blog
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Greece has been all over the news lately, and their situation only looks to get worse. Banks have seen citizens running to take their money out, unsure of the future. Over 3 billion euros has been withdrawn in the past few days, with 800 million euros being withdrawn in a single day, one of the largest single day pullouts in the country. You might be asking what the heck this has to do with gas prices in the U.S.- I'll get there.
You see, the situation in Greece has devalued the euro significantly, driving the dollar higher because of the situation. Since oil is globally traded in dollars, when the dollar outperforms the euro, oil prices tend to fall, and thus gasoline prices drop. When the opposite occurs, oil prices rise, and thus...
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