I’ve been down in Florida the past week. On DisneyWorld property, there are only Hess stations. I saw the price go up from $1.93 to $1.94 to $1.95 over a 2-day period. How bizarre to see price hikes of only a penny! Meanwhile, in New York, oil and gas wholesale prices have been bouncing around but, in the end, staying about the same. In Washington, I am now using the “Reformulated Regular Gas Prices” on the Department of Energy web site in order to estimate the Chicago Summer Premium. Put it all together, and you have a price hike to $2.19 coming down the pike tomorrow. It appears prices will drop substantially though after Memorial Day, but we’ll have to see how the markets behave the rest of this week before we can be confident about that. Well, can’t complain about no price hike, other than to say I was WRONG. Prices dropped below $2 around town by the long weekend.
Month: May 2004
Oil and gasoline futures are at it again. As I write this, oil is almost $41 a barrel, and wholesale gasoline is $1.34. That works out to retail price of $2.09 or so. There’s a lot of places where the price is $1.97 — would they hike prices 12 cents tomorrow? I’m bailing on this one — you decide. I did fill up today, though. Wow, they actually did the second price hike in one week, on Thursday, to $2.13.
Oil hit $40 a barrel on Friday, before backing off, and wholesale prices are dropping today. Still, another price hike is probably inevitable … oh, it happened this morning, with new price at Speedway being $2.08. Uggg, but right now it looks like you should get gas for less than $2 a gallon by Friday. I’ll update on Wednesday. In the Alpine area, a gallon of gas costs $1.97 on Wednesday, so the prediction was CORRECT.
I was kind of shocked to come home last night and here on CNBC that wholesale prices for gasoline rose 4 cents on Tuesday. They are rising another half cent today. Also, now that May is here, the Chicago Summer Premium is kicking in, which last year contributed another 4 cents during May. Put those together, and while I wouldn’t be surprised if we saw another price hike on Thursday to over $2, I’m not predicting it. I am predicting that prices will come down very slowly, if at all, through the weekend. In many places, such as Standale, prices didn’t come down at all, so I think I was CORRECT.
I guess two price hikes in one week was a bit much. Well, you can be sure there will be a price hike this week, with a scary new price like $1.96 or so.This just in … someone on grandrapidsgasprices.com reports $1.94 this morning at a Speedway. No confirmation on the Speedway web site yet. The $1.94 posting on Monday was incorrect. The prediction was CORRECT, as Speedway and some competitors raised prices to $1.97 or $1.98. Other stations had a new price of $1.93.
Wholesale prices moved up a bit more since Wednesday, and if there is a price hike, we would be looking at a new price of $2.16. Given current prices, I predict no price hike on Tuesday or Wednesday. Although I was out of state, I gather that there was a price hike on Thursday to $2.19, so the prediction was CORRECT.