Not very solid on this folks, maybe 50/50, but I think we’re awfully close to a “price restoration” in Speedway States to maybe $1.999. Like I said, I don’t feel as confident on calling this hike as I have on others, but I think that some stations dropped prices following the markets closing price on Monday. However a poor DOE report reversed any loss in wholesale prices.
We’re also barely clinging to a “Chicago Discount”, which is just over a penny per gallon. Gasoline coming out of Chicago is actually the most expensive gasoline in the nation east of the Rockies at the moment, likely due to refinery issues here. We should see gasoline being diverted out of the South and East because of the conditions here. Refiners and wholesalers can fetch a few cents more per gallon here because of those conditions so I expect the Midwest to soon have higher supplies as everyone rushes to send us gasoline (and take advantage of a few extra pennies profit per gallon).
So- a hike tomorrow to $1.99? Not completely sure, but what’s better- gasoline for $1.88 or $1.99? I know gasoline won’t get much cheaper in the next few days… I took the risk and filled up tonight for $1.83 after discount. If I were you, I would too!