Comment on Wednesday’s prediction: No price hike and lower prices — CORRECT!
Monday, November 21, 2011, 8:15PM: Energy futures took big drops this past Thursday, so it is a realistic possibility that you will be able to buy gas in the Grand Rapids area for $2.99 by next Monday. Let’s have fun: that’s a prediction! –Ed Aboufadel
Comment on the November 11 prediction: Not too hard to predict that prices will drop over the weekend. They stayed above $3.40 in a lot of places, though, so I am going to score this as 1/2 CORRECT, 1/2 WRONG.
Wednesday, November 16, 2011, 7:40PM: How is the rest of this week going to play out? You may be hearing that oil prices are soaring (now over $100 a barrel), but wholesale gas prices have been steady this week after dropping a lot last week, apparently due to weak demand. We need to get down to $3.15 or so before there is a hike, so I predict that we will be safe until at least Monday. Diesel, on the other hand, continues to rise, due to shortages in the Midwest. This link from GasBuddy explains why. –Ed Aboufadel
Comment on the October 11 prediction: It was CORRECT.
Friday, November 11, 2011, 1:25PM: After some ups-and-downs in the wholesale and retail market this afternoon, let’s see where we are at. Chicago-based wholesale prices have been dropping all week, according to Bloomberg, the place where price hikes occur is about $3.35, and retail prices in the Grand Rapids area are mostly near $3.50, except in Hudsonville, where it seems a gas-price war has broken out. So, I’m expecting prices to drop to near $3.40 around town as the weekend goes on and into Monday. Good!