Comment on the December 12 prediction: Prices rose the next day to $3.05, so the prediction was CORRECT. We also had two more price hikes in December, to $3.09, and then $3.19. Prices ended the year around $3.09.
Tuesday, January 4, 2011: I apologize for the long time since my last posting. I’ve been busy with the holidays, having my car hit by a deer, and some minor surgery to my nose, but I am back to work now, and trying to figure out what is going on with gas prices. Usually prices are lowest at Christmastime, so this on-going climb since August has been pretty disturbing. As we’ve noted many times, though, gas prices continue to be locked in with stock prices. Despite yesterday’s rally in the stock market, the move in oil and gas was more muted. Based on futures and wholesale prices, retail prices are in a $2.99-$3.19 range, which is exactly what they are right now. So, I am going to predict a price re-set back to $3.19 by the end of the week. — Ed Aboufadel