Tuesday, February 8, 2011, 10:30AM: Prices rose again on Thursday, this time to $3.25. The last time prices were this high were October 2008. This was after prices topped out at $4.19 in mid-September that year, before dropping to $1.45 by December 2008. Oh, yeah, the stock market had a nasty bear market that fall, too.
So, here we are in February 2011. Stocks has recovered much of their losses, and gas prices are up again. Amazing how tightly these things, and gold, and other favorites of traders have moved up together. I’m not good a long-term predictions, but let’s see if we can figure out what is going to happen this week. On Friday, wholesale prices dropped a bit, and today they are up somewhat, so that keeps us in the $3.05-$3.25 range for now. Low price in town is $3.12. If you hear about new highs in the stock market today or tomorrow, expect a price hike on Thursday. Otherwise, we’ll keep drifting down towards $3.05, and make it through the weekend without a hike. — Ed Aboufadel