Comment on the April 28 prediction: Last time, I wrote, “That feels like one of those situations where some time next week, there will be a price reset ($3.89 again?) that all the stations agree to almost immediately.” That is what happened on Wednesday, although the new price was $3.99. I’m going to score this CORRECT.
Friday, May 4, 2012, 9:30AM: We appear to have entered one of those periods again when Speedway and friends try to increase their margins, leading to price hikes 10 cents higher than typical, and Wednesday was another example of that. Good news for us motorists is that Chicago wholesale prices have tumbled 20 cents since Monday, and my estimate of the price to retailers today is $3.59. Historically, retail prices can get to 10 cents below cost, $3.49 in this case, so we have a long way down to go from $3.99. Count on prices dropping considerably the next several days. — Ed Aboufadel