5 comments Sunday, 05-10-09 | Posted By Ed Aboufadel | Commentary, Predictions
Sunday, May 10, 2009, 9:00 AM: The stock market climbs 10% in two weeks, with bank and energy stocks soaring even more, and wholesale energy prices do the same. Last week, NYMEX climbed by 19 cents a gallon, which led to the Tuesday price hike to $2.29 and the slow motion price hike this weekend to $2.34. With the 20-cent margin price now at $2.43 … fill up today for $2.29 or less!
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1) Thanks, but you’re a little late! Stations along Alpine were at $2.349 already by the time you wrote that!
2) The vote on whether people have a Speedy Rewards card should have had 2 questions – do you have one and do you use it! Yes, I have one, but why would I go to Speedway when I get 5 cents per gallon off when I use my Meijer credit card? Speedway is the leader in gas price rises and Meijer tries to keep prices in line on everything it sells….
Shirley, if you re-read carefully, the odd hike that occured at *some* stations this weekend was mentioned: “the slow motion price hike this weekend to $2.34.”
Ed goes on to say it’d be wise to fill up if you can find it under $2.34 as he predicts a hike to over $2.40!
With oil and wholesale gas prices dropping today due to the economic issues with the stock market, is Ed still thinking a pop to $2.40? Also, with oil and gas stock piles being the highest they’ve been in 25 years, why are we not seeing the basic economic forces of supply and demand lower the prices? Finally, why are we seeing such higher prices when oil is $54 now vs. when it was $54 before? Pump prices were around $195 when oild was $54. I know we are switching to Summer blend now, but that shouldn’t have a 25% cost variance. Thanks!
Prices are high because they can make it so and there ain’t a f’in thing we can do about it. I’ve been thinking that for a while – why are gas prices now what they were when oil was like $80. Because they can . . . . . They’re crying now that they’re not making the money like they were when they jacked oil up to $140 for absolutely no good reason other than somebody “speculated” it would be that high, so they made it so.
Here in NE Indiana most of the stations shot up to $2.39 on Tuesday, except for Meijer and Walmart (they went up to $2.29). Most stations on Monday were around $2.23/gallon. Yesterday, the $2.39 stations dropped back to Meijer and Walmart’s price of $2.29. Later in the afternoon, Meijer and Walmart dropped to $2.26/gallon. I haven’t been out today to see what’s up or down.