I have no idea how this Venezuela situation is going to pan out, but every day, futures prices of oil and gasoline go up. That means retail prices could go up again early next week. On the other hand, if the strike is resolved, prices could drop quickly. Hard to predict, but I am going to try to keep my gas tank close to full.
Month: December 2002
Out and about last Wednesday, I kept coming across temporarily closed gas stations. What was up with that? Looking ahead to this week, the wild card is the oil workers strike in Venezuela. (Tensions with Iraq will continue, but I don’t expect anything major.) This is starting to look serious, and could lead to a spike in oil and gasoline prices. But, it is hard to predict. So, I’m going to be a bit of a weasel this week. If there is a price hike this week, it will be on Thursday morning, and the new price will be $1.54 or higher. CORRECT, for a conditional prediction. Gas prices went up Thursday morning, to $1.56 or so.
Futures prices continue to rise, so I am predicting another price hike this week, to $1.46 or so. CORRECT! Prices went up to $1.48
Futures prices, and problems Venezuela, say $1.41 will be the new gas price by the end of the week. CORRECT! Prices went up to $1.38.
I was in Indiana yesterday, and filled up for $1.09 in the morning. That afternoon, I noticed that prices were going up there. As I write this, I don’t know if prices have gone up in Grand Rapids this morning, but I’m guessing they will in the next 48 hours, maybe as high as $1.39. CORRECT! Prices went up to $1.34, as reported in the December 4 issue of the Grand Rapids Press. But you read it here first.