Comment on the August 14 prediction: Yup, $2.39 on Monday, just as predicted. CORRECT.
Sunday, August 24, 2016, 12:00PM: These lower gas prices in 2016 have been nice! According to this article, we’ve been using the extra money to grow their savings accounts and to go out to eat more. But I wonder if we are now on a path back to $3 gas. Since dropping to $40 a barrel at the beginning of August, oil prices have climbed to near $50. That would be a 25% jump in a month if we get there this week. Retail gas prices are being dragged along. We were down to $1.79 in Indiana at the beginning of the month, now at $2.29. Here in Michigan, although retail prices haven’t dropped much since the hike a week ago, wholesale prices have gone up, and I think we are looking at another re-set this week, to $2.49 a gallon. –Ed A.
A bit of late notice, but Ohio’s Spike Line numbers are getting tight again. Wouldn’t surprise me if we saw some adjustments soon there, possibly as early as today. Michigan has a bit more cushion, but looks possible early next week unless we get some relief in spot price. – TS
Comment on the August 3 prediction: Prices rose to $2.39 on August 4, so it was CORRECT!
Sunday, August 14, 2016, 5:00PM: Although prices rose on August 4 in Michigan, we saw prices stay under $2 in Ohio and Indiana. That was addressed last week by the powers-that-be. Meanwhile, oil is up about 10% this month, and wholesale gas prices are starting to follow. As I was able to fill up for $1.99 in Lansing on Saturday, I suspect they’ll reset everything this week, probably back to $2.39. Maybe as soon as Monday? -EA
Comment on the July 25 prediction: We didn’t see serious price hikes, although there was a bounce of off $1.79 in Indiana. Basically WRONG.
Wednesday, August 3, 2016, 10:00PM: Bill Eby has done fantastic work for us the past several years, maintaining the Spike Line and Today in Oil pages. He is taking a well-deserved hiatus, and going forward we won’t be able to update those pages (unless a new volunteer steps forward). But, we will continue to try to predict gas price hikes, and I think we have one coming. Wholesale prices have tacked on a dime in the past week, while retail prices have been slipping, and it looks like we’ll have a hike on Thursday or Friday. I’m going to go with my $2.39 estimate, again, but we’ll see. — Ed A.
Comment on the July 12 prediction: Prices rose to $2.39 in Michigan the next day, so the prediction was CORRECT.
Monday, July 25, 2016, 7:30PM: The quietness in the energy markets continues, but retail prices have been sliding nicely, especially in Indiana. Looking at my calculations, I think we are heading for a price reset on Tuesday or Wednesday. Wholesale prices are just about where they were for the last hike, so figure back to $2.39. -EA
Comment on the June 29 prediction: No hike over the 4th, so I was WRONG.
Tuesday, July 12, 2016, 10:30PM: It’s been nice as we haven’t had a hike in Michigan since the beginning of June. But in Indiana the other day, prices below $2 were too low for Big Red, and they saw a hike. Now, with wholesale prices creeping up the past several days, while retail prices drop, Michigan (and maybe the rest of the Midwest) is set up for a price hike by the end of the week. Maybe $2.39?