GR Gas Price Update- Prices to continue their fall

Just an update on prices in the Grand Rapids area:

In my last e-mail about a week ago, I stated that prices would be coming down to perhaps 2.65 in a week or two, but now I might have to say that we might see 2.59 coming soon.

Wholesale prices continue to drop even though the DOE reports have been negative (larger than expected declines in gasoline stockpiles) but good news is forcing prices lower. BP is ending up keeping half of their oil pipeline open in Alaska, there is peace between Israel and Hezbollah, and the summer driving season is wrapping up with no major hurricanes on the horizon.

Quite astonishing that we haven’t seen a major hurricane in the Atlantic, but on Bill Steffen’s Blog (Woodtv8), he shows the ocean temperatures have risen significantly in the last few weeks. This could spell danger for any low pressure system that enters the Gulf.

Stay tuned to that, but for now I see no reason why prices should go up at all- but I do see a reason for them to keep dropping.

Patrick

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