Comment on the October 21 prediction: Unless you lived in Indiana, or will count Saturday as a part of “next week”, the prediction was WRONG.
Monday, October 29, 11:00AM: Hurricane Sandy is serious, and they are predicting high winds in the Midwest, but nothing like what they may face on the coast with storm surges from the ocean. We need to worry about price surges for gasoline, though. Recent history of gas prices and hurricanes has not been pretty, especially when the refineries on the gulf coast are threatened. We don’t have that issue this time, but that doesn’t mean we won’t get some sort of unwelcome price hike this week. On the other hand, we’ve seen after these events that prices can drop dramatically, too. So, of course no prediction right now. Be prepared for $4 gas, or $3 gas. — Ed Aboufadel
Comment on the October 10 prediction: Prices fell, and keep falling, so the prediction is CORRECT!
Sunday, October 21, 2012, 8:45PM: This afternoon, I was in Lansing and I filled up for $3.31 a gallon. On October 5, we had a state-wide reset to $3.95, so, wow! It seems like a lot of the refinery/pipeline/summer vs. winter gas problems have been sorted out the past two weeks, leading to big drops in wholesale prices, which are being passed on to us. Here’s the thing, though — when someone finally gets around to really, really investigating gas prices, they need to look at this past week, too. How can wholesale prices in Chicago (using the Bloomberg quotes) go from $3.01 on October 9 to $2.41 eight days later? That makes as much sense as going in the opposite direction, which we have seen, too, and people have been quick to blame oil companies, oil refinery companies, the President, oil speculators, and some guy who almost became President.
As for next week, we’ll probably see a price reset to $3.49, which would be a price drop in a few places still. — Ed Aboufadel
Comment on the October 3 prediction: Prices jumped to $3.95 on Friday, so the prediction was quite WRONG!
Wednesday, October 10, 2012, 7:30PM: That jump Friday was surprising, as it looks like Big Red and friends were really reaching for some new profits. Now, we got a good drop today in wholesale prices, 15 cents lower than they were on Friday. I’ll repeat last Wednesday’s WRONG prediction: expect prices to fall tomorrow, Friday, and through the weekend. — Ed Aboufadel
Comment on the September 22 prediction: As predicted, prices rose on September 24, to $3.99. Prices have been falling gradually since then.
Wednesday, October 3, 2012, 9:00PM: Wholesale prices have been falling in the Midwest the past few days, finally catching up to falling prices elsewhere, including oil prices. As of tonight, Grand Rapids retailers are paying $3.60 a gallon, I estimate, which gives us room to $3.50 before we get a hike. Since the cheapest in town is $3.67, expect prices to continue falling, at least until Monday. — Ed A.