Comment on the July 25 prediction: Prices rose Tuesday, as predicted, but a little higher than expected ($3.85 in the Grand Rapids area). The hike didn’t make it to Lake Michigan Drive until the next day. CORRECT.
Tuesday, August 2, 2011, 7:40PM: Despite a settlement in Washington, stocks had a big sell-off today. Oil is down $5 a barrel in the past week. Gas prices, as indicated by NYMEX and elsewhere. Wholesale prices are stuck at $3 a gallon. It’s August, which usually causes prices to rise, but with other markets falling, it seems like any pressure on gas prices are canceling out. The result for retail prices? The cheapest gas right now in the area is $3.53 in Sparta. So, we could see a price re-set to about $3.79 (again) on Thursday, but my instincts are that we make it through the weekend without a hike. Let’s call that a prediction. — Ed Aboufadel