Comment on the July 6 prediction: As predicted, prices have been dropping steadily, down to $2.25 along Lake Michigan Drive, in fact. So, the prediction was CORRECT.
Sunday, July 19, 2009, 11:00 AM: Retail prices have fallen significantly this month, lagging but in line with the drops in the wholesale price as indicated by NYMEX and elsewhere. However, last week’s rally on Wall Street started to affect the energy markets late in the week, and NYMEX prices rose 13 cents a gallon. We are at the point where rising wholesale prices are colliding with dropping retail prices, which means a price hike is on its way, perhaps as soon as Monday. I predict a re-set to $2.49 a gallon, except for the handful of gas stations still at that price. Yes, I’m talking to you Speedway Ada! — Ed Aboufadel