No hike this week, maybe $2.69 by Sunday

Comment on the October 26 prediction:  Prices rose the next day — CORRECT.

Wednesday, November 17, 2010, 2:30PM:  Where have the last three weeks gone?  We saw a spike up to $2.99 on SATURDAY, November 6, and prices have slowly been dropping since then.  With the stock and energy markets all correcting since then, wholesale prices have headed down.  I calculate the 20-cent margin price today to be about $2.91, so we have room to go down to $2.69.  Since prices in the area are in the $2.76 to $2.99, I’m predicting some nice price drops at least through the end of the day Sunday. — Ed Aboufadel

Updated: November 17, 2010 — 3:31 pm

5 Comments

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  1. And then there will be a price hike next week – – just in time for the holiday, as usual.

  2. Enbridge shut down a pipeline again. Spike may come sooner….

  3. It just came to Indy – $2.84 from $2.69…

  4. Ohio is spiking today. I’m sure everyone else in the GREEDway belt is today as well.

  5. A portion from the Associated Press article:

    Oil prices fall on worries about global economy
    Oil prices retreat on worries about Europe’s economy after Ireland seeks debt bailout

    Sandy Shore, AP Business Writer, On Monday November 22, 2010, 12:40 pm EST

    Oil prices retreated Monday as concerns grew about economic stability in Europe after Ireland sought billions of dollars in financial assistance from its neighbors.

    Benchmark crude for January delivery fell 80 cents to $81.17 a barrel in midday trading on the New York Mercantile Exchange. The price has dropped about 5 percent from a week ago in the wake of Ireland’s debt crisis and China’s efforts to slow economic growth.

    Meanwhile, the national average for a gallon of regular gasoline was $2.872 Monday, according to AAA, Wright Express and Oil Price Information Service. That’s 2 cents less than a week ago and about 23 cents more than a year ago. Most drivers on the road for the holiday will see the most expensive pump prices in three years. Any price above $2.64 per gallon will be the highest average price on the day before Thanksgiving since gas sold for $3.09 a gallon on Nov. 21, 2007.

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