Comment on the June 7 prediction: Prices have been falling, with as low as $3.63 in Kentwood today. CORRECT.
Wednesday, June 15, 12:50PM: Last night, wholesale prices (via NYMEX and other places) were about $3, putting the 0-cent margin price (adding in taxes, shipping, etc.) at about $3.59, if my calculations are correct. The general Gas Game rule is that when retail prices are near the 0-cent margin price, it is time to worry about a price hike. Since we aren’t close to $3.59 in most places, I am not ready to worry yet. (Gas is still over $3.90 in some places.) What is more likely to occur is a statewide re-set to $3.79 tomorrow, which will bring down prices in some places and raise them in others. Something like this rarely happens, so I’m not going to make this a formal prediction. I’m just thinking out loud today. — Ed Aboufadel