Are we about to pay much higher prices at the gas pump? It's entirely possible.
This chart looks at gasoline futures over the past 4 years, which has become much cheaper at the pump, falling nearly 50% from its May 2018 highs. That decline took it down to test 2016 and 2017 lows at (1). As it tests those lows, gasoline may be forming a bullish inverse head-and-shoulders pattern over the past few months.
If gasoline breaks out at (2), we could all see higher prices at the gas pump. If a breakout does take place, gasoline ETF (NYSE:UGA) should move higher in price.