What a lousy week. So, let’s calm down.

Comment on the February 13 posting:  Prices got down to the $3.20’s before this week’s hike-fest.

Thursday, February 23, 2012, 6:15PM:  Well, I picked a good time to go traveling and have wall-to-wall meetings at work.  Two hikes this week, and we are sitting at $3.69.  Why?  As noted in earlier postings on this site, Chicago wholesale prices plunged earlier this month, while wholesale prices in other places like New York didn’t.  That was a temporary situation, and now it is correcting with our prices rising to get in line with the rest of the country.  Then we get the jacking up of oil prices related to world tensions, for which politicians are blaming speculators (and they may have a point).  Combined, wholesale prices rose 60 cents a gallon this week, and that is why we are at $3.69.  So, now what?  While we are at the mercy of the market forces, there is also a sense of panic in the air, which never amounts to anything.  So, all those people predicting $5 a gallon gas by Memorial Day should calm down.  They may be right, but that would be an incredible move in prices for which there is little precedent. –Ed Aboufadel

Updated: February 23, 2012 — 6:16 pm

7 Comments

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  1. I’ve taken the stance that we won’t get to $5. I definitely believe metros that are normally excessively high such as LA, Chicago, or New York City will though. I do believe we will get well above $4, just not to $5.

  2. Once gas is much past $3.25-$3.50 it might as well be $13.50… Those who have jobs will do what they must to go to work (and nowhere else), while the unemployed will stay put, and the 1%’ers, for them it’s always $1.50 so why bother?

  3. @Turbo46032 – AGREED!!!

  4. I saw something odd last night while getting gas for my wife’s car. I drive up Shelby Street to Raymond Avenue, and see the BP there at $3.59. That’s up 10¢ from the posting on IndyGasPrices.com from 8 hours previous. I didn’t expect the Speedway to be at $3.48, although that’s where it was on their website. Well, It was $3.48, so I popped in and filled up. Up the street from there we have a McClure’s that is usually the price leader on the street, and they were at $3.69. The area price leader on State and Pleasant Run was at $3.48.

    I say this to illustrate a point. In Indy, and probably most of Indiana, it looks like Speedway was the follower. I got a Thornton’s text, then a Meijer text warning of higher prices on Tuesday. It was Thursday and Speedway was still lingering at $3.48 while others around them were 11-21¢ more. Odd, but true facts.

  5. Is there any shot of a hike this weekend? Chicago Spot made a huge jump today and all prices are below the spike line.

  6. Prices are definitely going up on Monday. Some independent stations in Kalamazoo and Grand Rapids went up to $3.759 on Saturday.

    Friday’s Chicago spot: $3.0428 +6.92¢ +2.33%

  7. When it hits the MAGIC level people curb their buying of gasoline products and the price will come down AGAIN. The tension in the mideast? I think the tension is contrived to get oil to remain high. There is no profit in calm and there is no profit in peace…sad to say.
    This is not to say Iran is going to abandon their nuclear ambition and everyone will be happy…probably NOT. The US should put out the same warning Kennedy gave the Soviet Union during the Missle Crisis. Any attack on Israel would be the same as an attack on us and will be delt with accordingly. I think we have enough firepower in the region to provide Iran with enough pause to at least think about any moves. We shall see.

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