Monday, April 19, 2004

If I were asked about what was going on with gas prices, I would say that wholesale prices have gone up, and also that retailers have gotten a lot more aggressive about passing these price hikes along to the consumer. For an example of this, I take this morning’s wholesale prices in New York: $1.178 for the May contract, $1.176 for June. This averages to $1.177. Now add in 40 cents for gas taxes, storage fees, and the like, and that gives us about $1.58. Now add in 20 cents profit for the gas station, so now we are at $1.78. Finally, there’s the 6% sales tax, and that gives us $1.89. Go to grandrapidsgasprices.com, and see that the lowest price at the moment is $1.73 at Admiral on 32nd and Division. That would be a price hike of 16 cents, which is typical, so expect to see $1.89 soon (Tuesday?). I will update on Wednesday. As of Wednesday morning, no price hike.

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