Competition Dries Up on Lake Michigan Drive
4 comments Wednesday, 10-07-09 | Posted By Ed Aboufadel | Commentary
Comment on the September 23 prediction: It was CORRECT, as prices did drop below $2.30. I filled up for $2.29 on Sunday on Beltline.
Wednesday, October 7, 2009, 1:30PM: The price re-set to $2.45 on Monday was interesting. On Lake Michigan Drive, prices had been stuck at $2.44, so there wasn’t any hike at all. Prices were stuck because the Citgo has gone out of business again, and they were the ones that pulled prices down. So, unless someone else in Standale starts pricing aggressively, I am going to be avoiding buying gas along my main commute. There was a jump in wholesale prices yesterday, but there is no follow-through today, and I think the 0-cent margin price is about $2.33. That means if we get close to $2.33 this week, then there could be another hike. Other than Sam’s Club or Costco, there’s no sign of it.
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Yeah I noticed this too. Did the Rich close too? Last time I went by there there pumps had bags on the handles and they usually were lower than standale too.
I’m sorry for the folks who went out of business with the station, but Citgo is owned by Hugo Chavez loudmouth’s Venezuela. The next people who try to make a go of the station need a different brand.
I’ll have to check on the Rich on Remembrance. If they closed, too, that would reinforce the drop of competition.
I agree that Chavez is a loudmouth. Maybe Admiral could move into there.
That Rich station did close. Their profit margins were getting smaller and smaller, and once the general manager quit, Speedway did not want to hire anyone else, and just shut the doors.
I want to reinforce, however, that for the most part, Rich stations are sent the same hikes that Speedway stations are given from Enon.