What’s next? $3?

After yesterday’s spike up to $2.85 we saw the bottom completely drop out of the Chicago market, and wholesale gas jump 13 cents to $2.29.  This was for delivery to the Wolverine Pipeline, which covers the lower part of Michigan.  With Speedway jumping up to $2.85 before this climb, and the price being specifically set for Michigan, $3 has just jumped into the realm of possibility for Michigan drivers.

And it isn’t just me saying this.  Some guy calling himself a petroleum analyst for GasBuddy.com, Patrick DeHaan, also believes this is so.  He said so on WOOD-TV 8.

So, I’d hate to say this, but $2.85 or less is looking pretty good come tomorrow at 9:30, as we may see Speedway break the $3 barrier, or come close at $2.99.  Hold on to your hats, the pain hasn’t stopped, yet.

I am not sure what this means for Indiana and Ohio.  It is quite possible we, too shall see a spike tomorrow as well.  But it is hard to tell where we are getting our gas from.  NY Harbor, Group 3 and Gulf Coast gas prices are almost 35 cents lower than the Chicago spot, and I wouldn’t be surprised if gas from one of those areas makes its way to this area.  The price in this area will be lower, but to what extent?  A spike is a possibility, but I’m thinking it would be much like last week, where we will ride out the last spike.  But jumping into the mid to upper $2.80s wouldn’t shock me at all, either.

10 Comments

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  1. Tuesday I was in Angola, Indiana. I stopped at Walmart and bought gas for $2.58/gal. Went into the store for about 30 minutes and when I came out gas was $2.78. Glad I filled up when I did!

  2. WTH, DO you even know anything that the rest of the world dosn’t already know. What you post on here is nothing. I can find out the same information in about two seconds on the internet. Explain why gas is so high when the barrel is at $66.00. When gas was 4.29 a gallon the barrel was at $145.00. Using that math, divide both in half. Barrel=$72.50 gas gallon should equal = $2.15 Try doing some in depth investigation and interviews and explain that to the public and then maybe I would consider this web site to be a creditable source. Not making radem statements like whats next $3.00.

  3. Earlier this week my wife was talking to her sister down in Biloxi MS. Gas prices there were hovering in and around the $2.22 range. Most likely due to the fact there are refineries close by.
    I hate to say it but $3 a gallon will probably happen. And to make matters worse here in Michigan they were saying on the news last night that the Senate had a bill before them to raise gas taxes. Don’t quote me on this but I think they said it was pushed by the transportation dept. To keep up the maintenance of the roads.
    If they do pass this…I wouldn’t expect to see many keeping their seats the next round of elections.

  4. A bit off topic, but are the whole sale prices located on the left side of your page being updated anymore?

  5. Never fails. Just when it warms up and the family is ready to check out a new spot on the Great Lakes. Michigan slams the door on my fuel tank and we end up in the Smokey Mountains again. Tourism has got to be taking a hit in Michigan.

  6. If you are talking about the “Wholesale Pricing” that is live info. As for “Today in Oil” I have started updating that every weekday.

  7. I live in the Akron/Canton area and we have pretty much followed every prediction over the past few weeks. Still at $2.75 today though; maybe we can hold out!

  8. Thanks Bill.

  9. Dwayne 50 to 60 cents of the per gallon price is taxes. The tax portion of the price will not change much reguardless of the crude oil price. Maybe the sales taxes as they are on a percentage but state and federal excise taxes are a fixed price per gallon. Bet the guys running the gas stations would love to get half what the goverment does!

  10. I see gas going to and over $3 in Detroit.

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