Sunday, May 17, 2015, 8:00PM: Chicago CBOB found its way up to practically $2 a gallon on Friday, leading to a price-to-retailers of $2.63, according to my calculations. With west Michigan retail prices in the $2.51-$2.69 range right now, and with the hike in Indiana to $2.75 this past Thursday, might as well fill up on Monday morning, because you can see a price hike is coming this week. $2.79 or higher?
Comment on the April 27 prediction: They waited until Thursday to give us the hike, and just to $2.59, so I will score this 1/2 CORRECT, 1/2 WRONG.
Wednesday, May 13, 2015, 3:00PM: Whoa — where did that hike to $2.69 come from yesterday? While we were getting close to price-hike territory, it didn’t look to me like we were that close. Best I can tell is that there was a jump in wholesale prices yesterday during the day, and our Red friends were more anxious than usual about it. In the bigger picture, oil prices have been continuing their slow-but-sure recovery from last year’s crash, and gas prices have been dragged along. So, we may be heading to $3 by summertime. That’s not a formal prediction, though.
For my other blog, I’ve written a post about Proposal 1, focusing on the spending on road repairs piece. One key point — our representatives in Washington could do a better job bring Federal dollars back to Michigan for our roads. Read more at the Orion Abduction blog.
Comment on the April 12 posting: We did get a hike, but not until that Tuesday. Then another hike on April 21. Prices have been falling since then.
Monday, April 27, 2015, 9:00PM: Oil prices have been gradually rising this month. (And you have heard the radio commercials lately trying to entice you to invest in oil with Wayne Allyn Root? I’m wary of any investment being advertised on ESPN Radio.) NYMEX prices are back to $2 a gallon for the first time since Thanksgiving. With retail prices doing their usual weekend slide, we have moved into price hike territory again. Looks like $2.69 is very possible on Tuesday or Wednesday. — Ed A.
Comment on the April 7 prediction: Since I was able to buy gas for $2.09 a gallon in Grandville on Saturday afternoon, clearly my prediction was WRONG.
Sunday, April 12, 2015, 7:00PM: Not sure why we got such a gas price sale this weekend … maybe it was the wonderful weather. But here are the numbers: Chicago CBOB closed Friday at $1.65 a gallon. Mix in ethanol, taxes, and middlemen, and I estimate that retailers are being charged $2.31 a gallon this weekend. So, $2.09 is rather perplexing. How can there not be a substantial price hike on Monday? I’m going to fill up (again) on the way to work in the morning. –Ed A.
p.s.: Nice Weather For Ducks!
Comment on the April 1 prediction: Prices rose in Michigan on April 2 to $2.49, as predicted. In Indiana, not so much. Still, score it CORRECT.
Tuesday, April 7, 2015, 9:00PM: Today, oil hit its highest price so far in 2015, and I expect gasoline to follow. Wholesale prices keep moving higher, slowly but surely, and Indiana and Ohio finally caught up with last week’s price reset. In Michigan, I’m expecting a hike back to the $2.49-$2.59 range before the end of the week. -Ed A.