Hello and happy Monday everyone.
Gasoline finally seems to be calming down after Hurricane Katrina. We are seeing gas drop pretty significant amounts, and I am also looking for even more price drops. Gasoline for October delivery was down another 8 cents on the market today… meaning prices at the pump should be making their way down to $2.40-$2.50… right now the gas stations are making nice profit… every new tank of gas they get costs a lot less, but they are still charging us the same, or just a few cents less! Oh well, not much we can do.
Next big batch of gasoline news will come out Wednesday- the weekly Department of Energy inventory report. This will move the markets either up big or down big. Hopefully refineries in Louisiana will come back online pretty quick. The faster they do, the faster they can start refining oil into gasoline, and build stockpiles, meaning lower price of gasoline.
Notice that prices are lowest in Walker and Standale right now (Its been a while since that area has led the market lower). Also look for Kentwood area to bring down prices faster now… IE: 44th Street and Kalamazoo area.
Hope this helps you… expect gas prices to drop a few cents everyday.