Let me reiterate my target again for May and June as prices climb to $2.29

Ouch! $2.29 across the Midwest with my benchmark station in Burns Harbor, Indiana skyrocketing overnight to $2.37/$2.49/$2.61! Wow! While the Midwest is suffering from regionally high gas prices, the higher prices should help funnel fuel from the South where refiners are thirsty for a better margin on fuel.

I hadn’t made it official on TheGasGame, but I had predicted on March 23 on GasBuddy that May/June would bring oil prices to $55-$65 and nationwide gasoline prices to $2.50.

This is my official target for the time being and I am working on a prediction for July/August at this time.

For the next few weeks, I see absolutely no reason for gas prices to rise over $2.50. The market is well supplied with oil and refiners are increasing their crack spread (profit) on making gasoline.

Hold in there folks. We should see a slower rise than we’ve seen the last week.

Patrick

2 Comments

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  1. 5/20/09 — What, no postings since 05/05/09? Where are you guys? Here you talk of $2.29, and now it’s $2.49 already with no intermediate predictions?

  2. Bob, what are you talking about? I’ve been posting all month!

    For example: http://www.thegasgame.com/2009/05/18/fill-it-up-again/

    Ed

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