Wholesale hikes mean $4.09 is coming soon

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

Updated: April 26, 2011 — 11:23 am

8 Comments

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  1. Markets have finally reopened and gasoline futures are already up 2.40¢ to $3.3326.

  2. Speedway went to $4.179 at 10:30 this Monday morning.

    One station in the Grand Rapids area went up before Speedway. A Marathon at 3600 Clyde Park in Wyoming went to $4.059 at 7:55 this morning.

    Excepting the Marathon on Red Arrow Highway in Paw Paw that went up to $4.199 by 6:41 a.m. Friday and back to $3.999 by Saturday morning, no stations in the Kalamazoo area went up before Speedway.

    At the moment, gasoline futures have reversed direction and are down 1.06¢ to $3.2980.

  3. Prices went up 30 cents overnight at some stations in the SW part of Flint, Sunday to Monday. Speedway on Bristol Rd. was 3.88 Sunday afternoon, 4.17 yesterday. But, the last holdout, an Admiral station on Saginaw, was still at 3.88 yesterday with a waiting line around the block!!

  4. The last time that gas prices were this high, the cost of a barrel of oil was at $150, so these prices are a bunch of crap. The oil companies are royally screwing us and price controls need to be enacted as all this money is simply going into some oil execs wallet.

  5. Gasoline futures closed today at a new high for the year: $3.3572.

    There are currently 8 states plus Washington DC with average prices above $4: New York, Michigan, Indiana, Connecticut, Illinois, Alaska, California, Hawaii.

    The 11 highest average metropolitan prices in the Midwest currently are:

    1. $4.348 Chicago

    2. $4.168 Grand Rapids, MI (not to be confused with the one in Minnesota)

    3. $4.158 Kalamazoo

    4. $4.147 South Bend

    5. $4.144 Lansing

    6. $4.124 Fort Wayne

    7. $4.106 Indianapolis

    8. $4.102 Flint

    9. $4.099 Gary

    10. $4.069 Ann Arbor

    11. $4.044 Milwaukee

    The national average is currently $3.860.

    As of Saturday, the highest price in the nation for regular unleaded was $5.699 at the Suncoast Energys station in Orlando, Florida near the airport. It is alleged this station charges nearly $2 more than the state average because it is taking advantage of unknowing tourists returning their rental cars.

  6. Gasoline futures have gone through the roof! They closed up today 6.22¢ to $3.4194.

    At this rate, retail in West Michigan might go up to $4.199 on Friday.

  7. ChrisDG74, Cincinnati, OH

    Speedway jumped to $4.159 in Ohio today.

  8. I’ve been busy at work today, but it looks like from my Internet tracking that Speedway just reset to $4.19 this afternoon.

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