Speedway hikes to $3.19, more coming?
Monday 18 Feb 2008 | Posted By Patrick | Predictions
Speedway has just set the price of $3.19 at their stations this morning (fill up!), but the larger question- is this the start of the ugly mess called the “Spring Run-up”? I’m pretty sure this is it… just like the Nazi submarine in the movie U-571… we’re going up and can’t slow our ascent! We’re *already* at 3.19, so imagine 3.69… thats “just” 50 cents, but a realistic figure when you look back at last year.
I’ll be closely monitoring the wholesale market, but at this point, be ready for it! Its like a storm… should I issue a “Seasonal Gas Price Hike Warning“? Frequent gas price hikes, significant confusion, and loss of gasoline production are all possible at this point.
Another thing to watch will be refineries going on Spring maintenance. Thats just another recipe for a rough 3 months.
Patrick
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Now there’s a story on CNN http://www.cnn.com/2008/US/02/18/refinery.blast/index.html?eref=rss_topstories about an explosion at a Texas Refinery to go with the pipeline explosen there last week. Anyone else see more than concidence in the yearly rash of refinery maintenance issues/fires/explosions? I don’t know if it is just due to the dangerous nature of the maintenance but I am sure it contributes to the yearly price run.