Dow Soars 244 Points Today — Buy Gas Tomorrow!

Comment on the August 27 prediction:  Prices rose the next day, as predicted, to $4.09.  CORRECT.

Thursday, September 6, 2012, 7:30PM:  The pipeline/refinery/hurricane issues that made traders jumpy and caused prices to jump to $4.09 at the end of August appear to be resolved for now.  Our new problem — a summer stock market rally — which drags wholesale energy prices higher.  Tonight, retailers are paying $3.96 for gasoline, and they usually will let it drop 10 cents below their price before Big Red initiates a price hike.  With $3.86’s in Standale, we’re all set for a hike tomorrow.  Not sure if they’ll settle for $3.99 or go over $4 again.  -Ed Aboufadel

Updated: September 6, 2012 — 7:25 pm

26 Comments

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  1. The gas prices this week are going to stay where they are.. No price hikes for Ohio on my neck of the woods

  2. Looks like I am heading for WRONG. I did fill up this morning for $3.86.

  3. Take look at the link below. Fort Wayne is cheaper than Ohio. I am at a complete loss to explain this. Obviously, somebody is waiting for somebody else to bliink.

    http://www.indianagasprices.com/retail_price_chart.aspx?city1=Indiana&city2=Ohio&city3=FtWayne&crude=y&tme=1&units=us

  4. Indy did spike today, almost 95% of the Speedway stations are up, the spike price was $3.99. The problem with that is, the market price plus expenses/profit should be around $4.06. Michigan is $4.05 and Ohio is $3.91. All are 13¢ or more below that with their averages. Strange days indeed.

  5. It may just be that they are not interested in meeting the ‘pretenses’ of pricing… I had expected $4.05 myself but have a feeling we’ll be seeing > 4.00 when oil gets over 100.00.

  6. Seeing some Speedways making the jump to #3.859 late night

  7. Looks like only one Speedway(so far) made the jump to $3.859.
    So, maybe no spike.

  8. There is currently a Price War with 3 gas stations on 3 of the corners of the intersection in Traverse City. Traverse did end seeing the hike later that night but most gas station waited a day and some never went up. Speedway is actually the lower price for once compared to Shell diagonally across the intersection. Speedway is $3.759 and Shell is $3.889.

  9. Speedway spike in progress.
    $3.999 is the new Ohio price.
    $4 is back.

  10. 4.09 Kalamazoo

  11. $3.99 a gallon at 10:30 AM 9/10/12 in West Central Ohio.

  12. Even if the price of crude were to go down, the wholesale price may not go down. This is due to the fact that we can barely refine enough. No refineries have been built since the mid 1970’s. There is no room for “slop” in the system. No room at all.

    http://oil-price.net/en/articles/oil-and-refineries.php

  13. There’s enough ‘slop’ in the system such that we export quite a bit of gasoline…

    We don’t have a shortage of gasoline. We have a shortage of cheap gasoline.

    As for refineries, in January 2012 we were at 86% utilization, now, with consumption flat or falling, we’re at 92%.

    I’d mention Senator Wyden’s report from the 90’s while we’re at it but I’m sure it’s all history by now…

  14. Helicopter Ben just announced open-ended quantitative easing. Bend over and grab your ankles.

  15. Yep, oil up, dollar falls. Ready to take it without lube for gas.

  16. I realize this is a gas price thread, but QE-1,QE-Lite,QE-2,Twist and Twist Again have done exactly 2 things for the REAL economy(not Wall Street), and those 2 things are Jack and Sh-t. Why in the hell does Helicopter Ben think the SIXTH time will be any different?

    -rant over.

  17. I find it interesting that I can get on this website at home, but from work, I still get the “this site is under construction” page. Wonder why?

  18. Sam: If your work uses a Proxy, the construction page is probably still caught in the cache of the proxy. The cache should flush out every 24 hrs or so, but some systems have no such parameters set by their admin.

  19. Gotta love those HFT algo boxes. That’s all that’s left on Wall Street.
    Wonder where the next flash crash will occur.

  20. 3% is a plunge? in what unit of measurement?

  21. Let me guess, since wholesale prices are down so much for oil and gas today, Greedway will drop their prices 15 – 20 cents a gallon tomorrow. Oh wait that only works in one direction.

  22. Actually you guys want to pay more attention to the link I have provided here….
    http://www.bloomberg.com/quote/CHOR87PC:IND
    then you plug this into the spike line formula. Thats what I have so far learned from this site and its just about dead on.

  23. I would not be popping the cork off the bubbly yet. Considering the demonstrated disconnect between crude and gasoline prices (under the disguise of ‘refinery issues’) we could drop another $10 or so in crude (enough for the shorts to cover I guess) and we’ll still be stuck at $3.75 with the occasional excursion to $3.99 until spring.

    I’m really curious about next spring tho – I just came back from Chicago where $4.50 is a fact of life (and traffic was spectacularily lighter than I ever remember it in 30 years, hmmm) so if we’re at the ‘$4 is the new $3′ point, especially regardless of crude price, things could be very interesting next spring. Or if Iran ‘unleashes’ its DIY arsenal…

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