Friday, May 30, 2003

I’ve been traveling a bit, so I didn’t post on Monday. Futures prices have been pretty stable the past few weeks, keeping retail prices between the mid $1.40’s and $1.59. Since they hiked prices on Thursday to $1.59, expect prices to drift lower next week. (I was driving up I-94/I-196 from Indiana on Thursday, and prices were all in the $1.40’s until I got to Grand Rapids. What, are we the first place on the whole Lake Michigan shore region to raise prices?) If prices drop in the $1.40’s next week, then there will be a price hike next Thursday. Otherwise, there shouldn’t be. I’ve been in Traverse City since Sunday, and I knew my prediction was in trouble on Tuesday morning, first when I saw that oil prices had pushed up to $30.60 a barrel, and then when I saw gas stations there raise prices from $1.49 to $1.67. Interesting to note that a similar hike occured in Grand Rapids late Tuesday, to the same $1.67. So, my prediction was dead WRONG.

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