Despite high prices, gasoline demand was report to only be 0.4% lower than last year while- get this- diesel (distillate) fuel demand was HIGHER than last year despite prices approaching $5/gallon. This is insane!
When will there be enough demand destruction to lower prices? Apparently not anytime soon.
Oil is at
Gasoline is up 10 cents a gallon
Diesel is up nearly 14 cents a gallon.
$4.05-$4.15 is right around the corner folks, just in time (but not because of) for Memorial Day. The odds of $5 diesel in Grand Rapids continue to get better, I’d say the odds are now 7/10 that we see $5 diesel here.
If you haven’t already, fill up empty fuel tanks. By the way, Oil for delivery in the year 2016 has surged $17 in just a few days to over $141 a barrel.
To top it off, oil execs were quoted as saying (from all major oil companies) that oil should not be over $100. OK, so lets lower prices! Its a joke. I hope someone can find the corruption that’s going on here.