Wednesday, February 26, 2014, 6:30PM: Although I am still perplexed about what happened last week, I have some clarity about what will happen tomorrow. Last Thursday, on Grand Rapids Gas Buddy, there were postings of several stations at a new price of $3.65. Then, a few hours later, those postings were gone. Instead, on Saturday morning, we got our third Saturday hike in a row, and of course the new price was … $3.65. Retail prices have been following higher wholesale prices, which we usually see in February, particularly in regions influenced by Chicago. Well, we have a new high for 2014 in wholesale prices tonight, and I calculate the cost to retailers to be $3.59 a gallon. Since prices in and near Grand Rapids are in the $3.44-$3.65 range, we are looking at price hike on Thursday. Estimated new price: $3.75. –Ed A.
Comment on the February 5 prediction: I predicted a Thursday hike, but we ended up with a rare Saturday hike, to $3.49. So, I was WRONG.
Thursday, February 20, 2014, 2:30PM: It has been a difficult game to play this month. We’ve had two rare Saturday hikes (Feb. 8 and 15) due to jumps in the wholesale market on Fridays, while competition in the retail sector has been knocking those hikes back down. Last night, I calculated a price to retailers in Michigan of about $3.40, but prices are all over the place this morning, with a low of $3.32 on Alpine Avenue. As I write this post, there are reports on GasBuddy of a hike to $3.65 at some Speedway’s in town, although the Speedway web site doesn’t show it to be the case. If that is correct, that’s a bit of reach compared to recent price hikes, and that price may not hold up very long.
So, fill up for $3.40 if you can, but I don’t have anything to predict. I do have a reading assignment though: Michigan drivers pay some of the highest taxes in the region on gasoline. -Ed A.
Comment on the January 28 prediction: Right on the money, as prices rose last Thursday to $3.39. CORRECT.
Wednesday, February 5, 2014, 7:45PM: Wholesale prices are right where they were at the last price hike, but retail prices have fallen from $3.39 to as low as $3.13 in Cedar Springs. Seems like it is Thursday Price Hike Time, back to around $3.39 I predict. — Ed A.
Comment on the January 7 prediction: That prediction was CORRECT, as prices rose on January 9 to $3.45. Then, on January 21, we got a lame hike to $3.39.
Tuesday, January 28, 2014, 7:15PM: It has been a quiet month in gasolineland, which is why I haven’t posted much. Wholesale prices have barely budged in two weeks, while retail prices have been ticking lower since the January 21 hike. I think we are setting up for a price reset on Thursday, back in the $3.39 to $3.49 range. — Ed Aboufadel
Comment on the December 23 prediction: It was WRONG, or just early, as the last price hike of 2013 didn’t arrive until the day after Christmas.
Tuesday, January 7, 2014, 7:15PM: Riding the roller coaster that are gas prices, retail prices have been dropping during this deep freeze, but wholesale prices have been rising. We’ve reached the point where the price to retailers is about $3.23, and this afternoon I bought gas for $3.09. You know what that means … price hike coming, Wednesday or Thursday. Estimate of new price: back to $3.49. -EA
Comment on the December 18 prediction; Prices rose on Thursday to $3.29, just as predicted. CORRECT!
Monday, December 23, 2013, 8:00PM: Wholesale prices continue to rise the past several days. Using an estimated wholesale price of $2.61, I am calculating a price to retailers this evening of $3.29, which is where we hiked to last week. With prices down below $3.20 in a lot of places in the GR area, that sets up for a possible price reset on Christmas Eve, to at least $3.39. Hate to make that prediction, but there it is. — Ed A.