$2.99 in the Midwest! But you’ll have to drive…
8 comments Friday, 10-03-08 | Posted By Patrick | Predictions
Gas has fallen to $2.99 at a Speedway station in Stow, Ohio today! If you’d like to buy gas there, you will have to spend quite a bit to do so. It’s roughly a five hour trip from West Michigan to Stow.
However, the downward trend should continue as the Midwest tries to break free of the huge 40.75-cent premium we’ve been seeing over the prices based on New York delivery. Chicago gasoline (what we use as a benchmark) has been trading at a 5-day average of $2.70 and change, justifying the prices we’re seeing locally. I am worried that any day we see prices trade higher could lead to a small “price reset” (to maintain margin) as some stations dive under $3.50.
To compare to my benchmark in Burns Harbor, IN, the price there is $3.55, so we may see a small hike if stations continue to drop prices at this rate (a few cents per day).
The cheapest gasoline stations I can find in the nation come in at $2.919 per gallon at a Pilot and $2.899 at a Flying J in Oklahoma City, OK (I’ve been at the Pilot station!)
In other news, it looks like the gasoline shortages are now just confined to areas around Georgia. Good news there are refiners continue to resume their operations.
Prices should trickle down everywhere all weekend, but check back in Sunday night for the odds of any hike.
Patrick
I am seeing 3.45 in Evansville, IN. But also saw a 3.66 and 3.89 in the same areas.
There are a couple of Kalamazoo stations in Kalamazoo that are either 3.389 or 3.339.
My previous post should have read…..(distracted by my 3 year old as I rushed to hit “submit”.
There are a couple of Kalamazoo stations that are either 3.389 or 3.399.
Marathon at US-131 & M-43 (W. Main) is at $3.29 while both Plainwell Admirals are at $3.14/gal regular unleaded. I like this trend, but wonder how long it will last.
Once again, I thought that wholesale prices have hit the bottom and we were getting close to a Speedway price restore. But, wholesale prices dropped almost 28 cents last night!!!
It still isn’t enough for $2.999 to be realistic (needs to drop another 10 cents), but it will let a lot more stations drop below $3.159 in the next 3-5 days. Unless of course, the market goes way up in the next couple days. It wouldn’t surprise me anymore to see wholesale prices go up 30 cents the day after going down 28….
The freaky thing about this post is that Stow is my hometown. On another note, I was talking to my dad last night and he was telling me that $2.92 is becoming pretty prevalent around the north suburbs of Akron. Can’t wait until those prices get here.
By the way, I just noticed that one of those stations near my parent’s house is now down to $2.83.
In Stow Ohio (near me) I fueled yesterday for 2.78. I expect those prices to drop some more in the next few days. Widespread around here gas is sub 3.00.