Today has an article on the possibility that gas prices may have plateaued. I’m skeptical, but hoping all the same they are right. I found this article while reading through some Jalopnik articles, and coming across this:
Why gas prices go up much faster than they go down
It’s also an interesting read. Buried deep in that article is a link to a calculator. The Cheapest Gas in Your Area. It’s something I’ve been finding myself doing a lot lately. Pull out the iPod, and the GasBuddy App. Look for the cheapest local prices, and hope that something good close by comes up. Now I don’t have to do the math in my head.
But even the Spike Line hasn’t liked the rising prices. I’ve not caught the last 2 or 3 spikes before they happened. These high gas prices have really hurt our budget, although I am lucky to have two Saturns that get 30+mpg, so it may not be as bad as others have it. There seems to be not a whole lot we can do but wait it out. Keep with us, we will do what we can to report when prices are rising for you.
Sunday, April 24, 2011, 9:35PM: This evening, it appears that gas prices remain just below $4 a gallon in Michigan, at least from looking at Speedway’s site. The bad news is that with the wholesale price somewhere between $3.30 a gallon (via NYMEX) and $3.40 (via AXXIS, using Chicago prices), the 0-cent margin price is $3.95 plus or minus a
nickle nickel. While I can understand why the retailers are going to resist posting prices over $4 a gallon, I expect they will take the plunge this week, perhaps as soon as Monday. Look for a price hike to $4.09-$4.19. — Ed Aboufadel
Comment on the April 6 prediction: Technically, I was WRONG. Some stations reset to $3.89 the next day, but the hike to $3.99 didn’t arrive until Monday the 11th.
Sunday, April 17, 2011, 3:00PM: A price re-set has spread around the area this weekend, with the retail price back to $3.99. This is consistent with what happened to the wholesale price, which slipped early in the week and then came back to where it was Friday which led to Monday’s hike to $3.99. Weekend hikes have been rare, and now we have seen two in a month, thwarting gas gamers everywhere. — Ed Aboufadel
Wednesday, April 6, 2011, 9:45PM: NYMEX/AXXIS prices are 10 cents higher than on Friday, and Friday’s prices led to that Sunday hike to $3.89. With retail prices dipping into the $3.70’s this evening, we could very well see a price hike tomorrow or Friday to the magic $3.99 and 9/10th of a cent. Is that a prediction? Yes, and if I am WRONG, I won’t shed a tear. — Ed Aboufadel.
Sunday, April 3, 2011, 2:25 PM: I’ve been awoken from a thundersnow-induced nap with e-mails alerting me to an unprecedented Sunday price hike to $3.89 a gallon. I was afraid $3.89 was coming when I updated my spreadsheet last night, but I didn’t have the energy for a post. Here’s what is going on — recent price hikes have actually been on the mild side, given the wholesale price. For instance, on March 18, prices rose to $3.65, despite a 20-cent margin price of $3.76. On March 24, prices reset to $3.65 again, but the 20-cent margin price as $3.83. This weekend, the 0-cent margin price is $3.73 and the 20-cent margin price is $3.94, based on both NYMEX and AXXIS prices. You have to figure Speedway and Meijer were tired of losing money, with prices in the $3.60’s.
Now, why does the wholesale price keep going up? The same culprits since last August: a weak dollar leading to Fed-induced inflation, international tensions (including the Japanese nuclear reactor, which is leaking), and tightly-aligned speculation in stock and commodity markets. Time to call your congressman and Governor! — Ed Aboufadel