As oil prices rise above $107, and head toward $110, the average price of a gallon of gasoline has topped $4 in California, and is moving rapidly in that direction in other states as well. The run up is rapid enough and high enough that anxiety is growing about how it will affect consumer spending and GDP. Hedgeye’s macro team was well ahead of the consensus curve, highlighting the risk of #InflationAcclerating and warning our subscribers of this development months ago.