With today’s jump up in commodities prices, Indianapolis has crossed the spike line by over 7 cents. Indiana and Michigan’s prices have not fallen as much, and are still above the spike line, although for Indiana it’s not by much. I would watch for a spike in all states, however, as it has been a while. I expect a mild spike, with Indiana near $2.60-2.65, Michigan and NW Indiana should fall 5-10 cents higher, and Ohio should start to fall below Indiana.
Month: January 2010
Comment on the January 12 prediction: Prices have been slowly dropping since the 12th, so the prediction was CORRECT.
Friday, January 22, 2010, 3:30 PM: After traveling to California last week, this week I’ve been watching prices continue to drop slowly but surely around town. It is no fun along Lake Michigan Drive from Standale to I-196, though, as everyone has been stuck at $2.69 all week. Now, a bad week in the stock market has correlated with a bad week in the energy markets, and we are looking at 0-cent margin price below $2.50. So, I’m expecting price drops to continue over the weekend. Early next week, I think it is simple: if the stock market makes up some of its recent losses on Monday or Tuesday, wholesale prices will perk up enough for a price reset ($2.59?) If not, look out below!
Tuesday, January 12, 2010, 8:30 AM: After last week’s hike to $2.79, prices haven’t moved much either at the wholesale or retail level. I’m going to make use of the stock market/gas price correlation of the last few years, and with stocks looking to drop today (and, I’m guessing, the rest of the week), wholesale gas prices will too, and so will retail prices. So I predict lower prices through the weekend. In other news, I continue to track diesel prices, which is kind of boring so far. At the Speedway on Lake Michigan Drive, the price was $2.85 from mid-October until the last few days. Now it is $2.95. — Ed Aboufadel
Indy Star says $3 by the weekend, $4 by summer.
As for the $4 gas by the summer, I don’t doubt it. but I also hope cooler heads prevail, for the economy’s sake.