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.