Prices in the Grand Rapids area have been steadily falling from 3.19 a few weeks ago to near 2.70. Prices should continue to come down, but as of Friday afternoon, the wholesale gasoline contract rose a few cents on continued worry about Iran and finally absorbing the inventory news from Wednesday. Wholesale gasoline closed about 3.5 cents higher to 1.96. This means that we won’t go as low as we could have, and should see most prices settle to around 2.65-2.69 before they stop dropping and before we see a threat for prices to rise.
At this time, a hike is very unlikely, with prices continuing to drop.