Speedway, what are you doing?

Wow, its been a while. A few incorrect/correct/odd things going on. I called for a hike a few days ago last week, got a text message from Meijer stating prices were to go up, but then it fizzled and nothing happened!

What is going on with Speedway? They are either losing money (why would they do that NOW?) or have hedged against rising wholesale prices (which is also unlikely considering the circumstances). Speedway could be losing money to boost its public image for being the one to hike all the time, but why now, and why so late?

I’ll be on WOODTV8 at 6/630am tomorrow (Tuesday) and they will be asking me whats going on for July 4. First off, I can’t see any major changes besides the hike I’m still waiting for. I think we should be seeing $3.09-$3.15, but as “Retailer” pointed out, “we’re” all surprised that Speedway hasn’t yet hiked. Its been a long time, prices have been steadily climbing since their bottoming out a week or so ago. We are now about 15 cents higher on the wholesale market while prices continue to nosedive! What is going on? Midwest PADD is OK, its not “great”, but perhaps thats why we’re seeing a discount? Perhaps cheaper ethanol is lowering the price of a gallon? I don’t know for sure, but I AM enjoying the “cheaper” gasoline.

I am still waiting on a price hike which STILL could happen ANY day. I’ve been keeping full for a while.

I’m not exactly sure what to predict, other than prices are overdue to climb due to recent wholesale prices!! Stay full!

(I just have to toot my own horn a little, at the beginning of Spring I was quoted as saying May would be terrible but come June things should settle down to around $2.75, and here we are at $2.75! I don’t think we’ll stay here long, but we’ll see!)

~Patrick

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  1. Our cost has not dropped below $2.95 this month, I really doubt that any other suppliers have been more than 5 cents lower than our cost. So, there is no logic in people dropping into the 2.70s and 2.60s.

    I still think Speedway has been waiting for wholesale prices to drop low enough that they wouldn’t be forced to go back over $3. But, cost has just been bouncing back and forth between $2.95 and $2.98.

    I’m hearing rumors of Speedway starting to make a move to $3.199, but I haven’t been able to confirm it yet. I don’t know why they always wait to move until after the 9AM update to their website…

  2. $3.199 it is. I would assume that everyone else will be quick to move, because we have all been losing money for over a week.

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