Memorial Day Weekend Reading

Comment on the May 18 prediction:  Prices continued falling for a week, into the $3.70s, so that prediction was CORRECT.

Thursday, May 26, 2011, 1:00PM:  Unfortunately, I didn’t have anything to say before the hike to $3.99 yesterday.  There is something going on with floods and refineries and the stock market that is causing wholesale prices to bounce around, but I had no clear prediction to make.  So, for Memorial Day weekend, we are just about at $4 a gallon.  Here is your reading for the weekend:  musings about $4 gas from Greg Beato.  An excerpt:

“Indeed, while the gas that cost 36 cents per gallon in 1970 would only cost $2 per gallon today, the average fuel economy for cars in that era was approximately 13.5 miles per gallon. In contrast, a 2011 Ford Fiesta gets 28 miles per gallon in the city and 37 miles per gallon on the highway — so until gas prices top $4 per gallon, Fiesta drivers are actually paying less per mile for gas than the drivers of the 1970s did. And they’re not paying a premium to achieve such efficiencies — the Fiesta starts at $13,320 (that’s just $2312.72 in 1970 dollars).”

Updated: May 26, 2011 — 11:59 am

4 Comments

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  1. Diether Haenicke

    Patrick reports that a Marathon refinery in Robinson, Illinois lost power last night as a result of severe weather. I imagine this is why we had a 4.07¢ increase in the Chicago spot price today.

    In Kalamazoo, retail prices are down to $3.909 near the airport and down to $3.899 in Paw Paw and Lawton. The Kalamazoo metro average is $3.976. A Marathon in Richland was $4.039 as of 11:56 this morning, the only station in the area to go above Speedway’s $3.999 high water mark.

    Normalcy has returned in Grand Rapids, with 13 stations below the lowest price available in Kalamazoo, the lowest being $3.829 at a Sam’s Club in Comstock Park. The Grand Rapids metro average is $3.981. No stations are reported above $3.999.

    Here’s where the averages currently rank:

    $4.000 Ann Arbor
    $3.981 Grand Rapids
    $3.976 Kalamazoo
    $3.969 Michigan
    $3.964 Flint
    $3.956 Gary
    $3.950 Detroit
    $3.948 Fort Wayne
    $3.947 South Bend
    $3.928 Indiana
    $3.917 Lansing
    $3.804 USA

    I would plan on a reset on Tuesday, May 31, but not necessarily back to $3.999. By that time, prices will have fallen for 6 days.

    If anyone in New Jersey or Louisiana reads this (unlikely), get a $20 Exxon-Mobil gift card simply by signing up for an Exxon-Mobil Speedpass: http://www.speedpass.com/

    The deal apparently is law in those states prevents Exxon-Mobil’s regular Speedpass promotion, so this is their alternative offer. If you know people in those states, pass on the information.

  2. Diether Haenicke

    Markets often don’t move much on Friday, especially going into a major holiday weekend, but they did today and not for the good.

    June futures settled up today at $3.0920 and $3.0313 for July.

    I imagine the exchange rate between the Euro and U.S. Dollar can be blamed for this. Normally, I’ve not seen currencies moving above 1% in a day. The Euro closed today 1.0783% stronger against the Dollar, where 1€ buys $1.4298. The Dollar was 1.9412% weaker against the Swiss Franc. The Dollar was also weaker against all 4 other major currencies.

    Commodities were mixed.

    Current retail averages:

    $3.964 Ann Arbor
    $3.963 Grand Rapids
    $3.956 Kalamazoo
    $3.954 MI
    $3.946 South Bend
    $3.939 Gary
    $3.936 Fort Wayne
    $3.935 Detroit
    $3.920 Flint
    $3.906 IN
    $3.863 Lansing
    $3.795 USA

    Lansing, East Lansing, Holt, and Mason currently claim 13 out of the top 15 lowest reported prices in Michigan, with $3.699 at a Sam’s Club in Lansing.

  3. Holiday weekend over – – prices falling!!

  4. Okay, can one of you guys who is “in the know” explain to me why Rockford’s gas prices are almost 20 cents higher than Cedar Springs [at the expressway].

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