After a roller coaster week that saw a drop in wholesale gasoline prices of over a dime, a rebound has begun that will eventually pull the U.S. and Canada averages higher.

Oil is close to hitting $70 again- we can thank bullish economic outlooks and good news for being the reason behind the huge spike. Traders can't help but notice the CARS program being so successful in just a week that leaders are hurrying to reload the program with two billion more dollars. News from the Department of Transportation pegs the number of cars sold near 250,000 in just one week!

With such positive news and such a response from people eager to buy, everything points to an economic recovery, especially since the battered auto industry is getting a huge boost with new car sales.

Wholesale gasoline prices have gained 20-cents per gallon in just two sessions, while oil has made a nearly $8 gain per barrel. The U.S. average price for a gallon of gasoline will rise next week as these increases make their way to pumps everywhere. Consumers enjoying new cars and old will be met with prices that will average near $2.55-$2.60 next week with the future looking dim for cheap gasoline prices.

Don't forget that we haven't even had a hint of a tropical storm yet this season. Perhaps I shouldn't get ahead of myself. At least I pumped gasoline this morning and avoided the spike that followed shortly after. It would be wise to do the same!