Thursday, June 3, 2004

Once again, a spike in the price of oil and gas got passed along to consumers, with prices yesterday rising to $2.18 or so. This was a spike — wholesale prices have dropped significantly the last two days on positive news from OPEC. Even with the 10-cent Chicago Summer Premium (for reformulated gasoline), the 20-cent margin price today is $2.08. So, I predict significant drops in prices over the next few days, and you might see $1.99 again by Sunday (if it isn’t out there already). Gas was under $2 in Wyoming on Sunday. CORRECT prediction.

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