Monday, March 29, 2004

Last week’s jump in futures prices looks like a temporary spike, as oil is getting close to $35 a barrel. Of course, that just gets us back to where we were a few weeks ago. If retail prices continue dropping to $1.64 or lower, expect a price hike on or about Thursday to at most $1.79, since it seems that when the range of prices gets too much in town, that’s when the price hike occurs. On the other hand, if prices are steady the next few days, I don’t think they’ll raise prices. On Wednesday, prices got down to $1.68 and then rose to $1.84 all over town. Do I get partial credit for having the amount of the price hike (16 cents) to within a penny? No, I don’t. WRONG.

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