I’m getting quite close to announcing a price hike in Grand Rapids and other Michigan areas as wholesale prices rise this morning, due to news of a Chinese Stimulus program to help their economy. This is not good news for consumers, as we’ve benefited from lower Chinese demand in the form of less competition for oil and falling prices.
I’m expecting that the current gasoline prices in the area (some as low as $1.95) will perhaps be the lowest we see this winter (HOWEVER, this all is based on our economy making a “quick” recovery). I would definitely take the chance to fill up all your gas cans, vehicles, etc. as soon as possible as prices should begin their journey northward for Spring.
If nothing changes in wholesale prices today, I expect to see $2.19-$2.29 here rather soon. Wholesale markets were up a healthy amount overnight and have kept that going this morning.