Presenting $3.XX gasoline…

Its been such a long time it seems that I’m proud to announce we should be seeing $3.XX gasoline (as low as $3.89) in Grand Rapids in coming days as wholesale gasoline prices continue what seems to be a correction.

Gasoline lost another 10.34-cents today, marking a near 40-cent slide since the week began.

Unfortunately for some retailers, they purchased fuel at the worst possible time: the day before the slide began and are going to be stuck selling it at a loss. As soon as stations sell off their gasoline that they paid at the peak of the week, expect prices to nosedive. We’re already seeing $4.08’s roll around in rural areas, and we can expect even bigger decreases *everywhere* by the time stations get rid of their expensive fuel, which may take a few days.

Today’s STATION cost for gasoline according to a regular poster was hovering near $3.80, so we definitely have quite a bit of play in prices. Hold off on filling up until prices get cheaper and only pump what you NEED for now! (IE- less than a full tank)

Patrick

1 Comment

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  1. My cost for today (Friday) is about $3.67! But, like you said, you have to actually get it in the ground for it to count. Most stations take 3-5 days to sell through their inventory.

    It’s kind of interesting that the stations that have no problem droping 1-2 cents every day when margins are at 5 cents, drag their feet when we are at 45 cents. Did they all of a sudden realize that they have to pay attention to their inventory cost?

    The bad news is that the market is up 6 cents so far today; because there are storms over the ocean that might become a tropical depression, and a tropical depression might turn into a tropical storm, and a tropical storm might turn into a hurricane, and a hurricane might cause a supply shortage. How can people argue that speculators don’t affect prices?

    Regardless of what the market does tonight (unless it goes up 20+ cents), their should be a lot of sub $4 prices all over the state by Monday.

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