Comment on the May 30 prediction: The “no price hike” prediction was good for a week (CORRECT), but then we got hikes on June 5 (to $3.79) and June 11 (to $3.89).
Tuesday, June 12, 2012, 8:30PM: Time to get annoyed. On May 11, oil closed at $96.13 a barrel with Chicago wholesale prices at $2.98. This evening, oil closed at $83.32. Chicago wholesale price: $2.98. Something is affecting local prices, and I am not happy about it, and have not been able to detect possible price hikes. I’m here in Boston right now, and retail prices are 20 cents lower. So, what to do? I think wholesale prices will be dropping — they are 5 cents lower than yesterday — so retail prices should be working their way down to $3.69 by Monday. That’s a prediction.
By the way, 10 years ago today I created the Gas Game blog and here was my first post: “Wednesday, June 12, 2002: Gas price in Standale this morning was $1.34. Expect prices to continue to decline until early next week, getting down to $1.24.” That first prediction turned out to be WRONG. $1.34 a gallon?