Hello from warm and sunny Florida (hence I missed sending out a notice for this weeks unreasonable hike)…
Last prediction was correct… prices had continued to drop until this weeks pointless gas price hike.
Anyway, DOE report was excellent for gasoline consumers, although as several analysts pointed out, OIL stockpiles have been dropping… FAST.
PADD (local storage) actually fell even though gasoline stockpiles rose over 5 million barrels (what the heck?! A bit more driving due to unseasonably warm weather, as I noted last week must have continued over the New Year holiday).
I have a feeling we’ve seen the bottom on the stock market (when it comes to oil and wholesale gasoline prices). As new long term (2 week) forecasts come out, our chances of a cold spell finally arriving and boosting oil prices is likely. Bill Steffen could assist me there. As long as he says it will stay warm in the Northeast (thats where lots of oil is used in the winter), oil prices could stay low.
For now, I see gas prices dropping, and hence another week I say “wait to fill up!”
Again, sorry I couldn’t get out a gas price hike warning this week. Sometimes I need a small break too 😉
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