Comment on the September 29 prediction:  “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.”  Retail prices are down to $3.18 this afternoon, and it is only October 9.  Score this one CORRECT.

Thursday, October 9, 2008, 3:30 PM:  Although your 401K might now be a 301K — is that really a leading digit of 8 for the Dow this afternoon???? — gasoline “investors” have not been doing well, either. Since September 15, NYMEX prices have dropped 68 cents.  AXXIS prices have dropped $1.25 a gallon!  So, prices should keep falling, and I’m looking for $2.99 before it is all done.

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