Comment on the May 5 prediction: I filled up Tuesday morning in Allendale at $3.99 a gallon, so the prediction was CORRECT.
Wednesday, May 11, 2011, 8:45PM: So far this month, we’ve seen some crazy moves on NYMEX. The “RB” wholesale price went from $3.46 a gallon, to $3.09 last Friday, then $3.37 yesterday, and $3.12 today. Retail prices have been dragged along, from $4.29 to $3.99, then a hike yesterday to $4.19 (sorry for no prediction on that one). With today’s 25-cent drop at the wholesale level, we should head back below $4 (that’s a prediction), unless we get another crazy bounce like on Monday and Tuesday. Longer term, this volatility is a good sign for gas prices, because this is the kind of behavior you see when markets change directions. — Ed Aboufadel