1 comment Friday, 07-11-08 | Posted By Patrick | Predictions
Market is way up, same old stories… Iran, OPEC, oil supply, etc.
Speedway has JUST reset to 4.15.
Gasoline is up to a new record, $3.60 wholesale. We can expect that here by early next week if today’s market holds.
Get gas!
Patrick
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$4.159 doesn’t really work for us. That only gives us a 13 cent mark up. But, this is the first time that Speedway has restored prices outside of the Detroit area in almost a month. We had 2 times that Meijer moved first and Speedway eventually matched. Then Meijer tried to move again, after 3PM on the 3rd, and no one in my town matched them.
If we get the 10+ cent increase tonight that the market is suggesting, that 13 cent mark up will drop to 3 or less real fast. This hasn’t been a profitable moth for retailers so far and it look like we are in for another bad weekend.
I wouldn’t be surprised to see Speedway restore to $4.359 on Monday. Possibly higher if the market keeps going up.
This is just another example of why they need to remove speculators from the market. Crude shouldn’t go up $10 just because Iran tested some missles.