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.