After negative news coming from Europe on the euro, the dollar posted a large gain, pushing down commodities on a whole, what a terrific end to a week.
As it stands, oil is down $5bbl to $114.96 and gasoline down 12-cents to $2.87! This may push nationwide prices down another 6-8 cents over the next week, and in the midwest, Ohio could get down to the $3.50s again, although in West Michigan, we may get as low as $3.69. Wholesale prices over the weekend should hold in the $3.60s.
The dollar really has had a turnaround vs. the euro this week and is looking impressive again. The dollar had been at 0.63X euros and now is way up to nearly 0.67 euros! Quite a gain.
I’d hold off on filling up. Also, hoarding gasoline at cheaper prices will actually push prices higher in the long run, so make sure not to get too excited.