Comment on the September 13 prediction: prices have drifted lower and lower the past three weeks, and we are in the $3.20’s in some places now. The prediction was CORRECT.
Sunday, October 2, 2011, 10:00AM: It is the beginning of October, so let’s reflect on where we are at with gas prices. Our last price hike was on September 8, with prices rising to $3.89 in the Grand Rapids area. Since then, wholesale prices (via Bloomberg) have dropped 40 cents, while retail prices have dropped 62 cents, and you can find gas for as low as $3.22 in town. The drop in gas prices has mirrored the drop in stocks, as usual. Looking to next week, the 0-cent margin price right now is about $3.15, and when the 0-cent margin price is close to the retail price, that is when a price hike occurs. So, unless wholesale prices drop further on Monday and Tuesday, we are setting up for a price re-set this coming week, to $3.39. Keep an eye on prices while you drive. –Ed Aboufadel