Comment on the September 15 prediction: We haven’t had a price hike since then, and prices have been falling, albeit slowly. Basically CORRECT.
Monday, September 29, 2008, 7:00 PM: Two weeks ago, I wrote that NYMEX prices were starting to plummet, because Wall Street financial firms — many who have been involved in speculation in the energy markets — were falling apart. This new dynamic continues today. The bailout has been voted down, the Dow fell nearly 800 points, and NYMEX gas prices dropped 25 cents per gallon. Although this could all be reversed tomorrow, if not, given the good news on the refinery front, wholesale prices should collapse this week. Then, it is a matter of waiting for this collapse to work its way to retail prices, and we could see $2.99 a gallon in October. Just a small benefit of a troubled economy.