$4+ Gasoline and $4.75 (Possibly $5) Diesel is likely

As Speedway hikes to the predicted $3.999 this morning, I was busy looking at markets to see what’s going to happen next.

Unfortunately, it looks like things still aren’t as bad as they will get. I expect gasoline to crest $4 in the next week or two, and diesel prices look like they will accelerate toward $5 as global demand continues to cause supply worries. I expect diesel to hit $4.75 and rise as high as $5 here in the Grand Rapids area before moderating into the beginning of summer.

There isn’t much you can do except to park the car for a while or to trade in the gas guzzler. We’re in a period of sustained higher prices. Don’t expect prices to get back into comfortable territory for quite some time.

For the immediate future the outlook is: higher prices until early June, some moderating towards July, and a pickup in prices in mid-August as Hurricane season arrives. Hurricane forecasts can and will greatly effect pricing, so stay tuned to those forecasts.

Patrick

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