Comment on Tuesday’s prediction: Stock prices drifted lower through Thursday and we did not get a price hike, so I guess the prediction was CORRECT. Stocks hit new highs for the year on Friday, though.
Sunday, February 13, 2011, 7:45PM: I know I am not going to have any time for postings the next two weeks, but I have time this evening to comment on a few matters. First, although stocks hit new highs on Friday, wholesale prices dropped a bit after Mubarak resigned in Egypt. So, at the moment, the 0-cent margin price is around $3.08. With retail prices as low as $3.06 in Lowell, we are setting up for a price hike this week, but I can’t predict when or how much.
In related matters, here is another example of how the supply/demand dynamic has broken down, gasoline inventories are at 20-year highs, yet prices are clearly not dropping. — Ed Aboufadel
I’d like to know why gas prices took such a sharp spike this week. The situation in Egypt has been defused, the cost of a barrel of oil keeps going down on the stock market and yet gas prices have gone back up to where they were a few weeks ago when a barrel of oil was well over $90. Can you say price gouging?!
Amen Tom!!! It’s a bit ridiculous for all the “speculation” and they seem to have an answer for everything [they being the speculators, etc.].
Gas prices are now rising to $3.359 in Michigan.
CORRECTION
MICHIGAN – It’s going to $3.399 this morning on the west side of the state, $3.359 on the east side (which is closer to the only remaining refinery in the state in Detroit, owned by Speedway’s parent company Marathon). There used to be a refinery in Alma, I believe, but Marathon shut that down about a decade ago.
OHIO – $3.399 in zip codes 456** and 457**, but $3.299 in the rest of the state.
INDIANA – $3.369 statewide, with Indianapolis not updated yet. That’s an unusual price. They normally go to a number ending with a 5 or 9.
KENTUCKY – $3.399 in Ashland, but $3.299 else where in the state.
Speedway is spiking. $3.29-$3.39 depending on your state.