A good start to October — heading towards $3.50 a gallon
16 comments Wednesday, 10-03-12 | Posted By Ed Aboufadel | Predictions
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.
NYH RBOB shot up 14 cents today. What’s CHI doing?
Chicago looks up 14 cents as well, I’d love to know the reason why, other than a trend I’ve been seeing for a few weeks, down M-W, up Thursday and Friday. I wonder if this support a price reset to 3.89 instead of the falling prices we all expected yesterday.
Given today’s stellar crude rise (wiping out yesterday’s alarmist drop) I feel we’re justified in another reset…
Greedway WILL jump, no doubt. Only question is: Friday or Monday?
Ohio is resetting to $3.799 this morning.
Some stations were under $3.50 pre-reset.
Greedway showing up at $3.95!!
Yep, 3.95 in Kalamazoo.. must be the weather blend isn’t cheaper to make anymore..
Hilarious. Meanwhile crude is on the way down again… $3.89 in Indiana, up 42 cents from its low. Interestingly enough, zone pricing once again saves the day as much of Indianapolis was nowhere near the peak low of $3.45 or so…
Greedway reset to $3.79 in Toledo area.
$3.95 from $3.71 in SE Michigan.
Same here- $3.95 in Grand Rapids. Just topped off the car at $3.65 @ Meijer before the 2:00pm jump.
Just saw this article on Yahoo Finance: Gasoline Prices Set to Rise Through Election Day
Here is the link below – now I should go read the article.
http://finance.yahoo.com/news/gasoline-prices-set-rise-election-184933087.html;_ylt=Aob75AGe62gdKIpfzigwmSyiuYdG;_ylu=X3oDMTN1ZGVmdmhjBG1pdANGaW5hbmNlIEZQIE1lZ2F0cm9uIDIEcGtnA2VjOTQ2NzUyLTI0YmMtMzhhOS04ZGVlLWRhNmQ0NWI4YTc0OQRwb3MDMQRzZWMDbWVnYXRyb24EdmVyAzRkOTk5NWQ4LTBmMWYtMTFlMi1iY2JmLWYxZjExNDJhOTRmNQ–;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3
On a lighter side…
“Drivers in Southern California awoke Friday to find that their gasoline prices had spiked by nearly 20 cents a gallon overnight as a result of fuel shortages caused by a series of refinery disruptions in recent weeks. ”
(http://www.nytimes.com/2012/10/06/business/energy-environment/high-gas-prices-in-california-have-drivers-scrambling.html?_r=0)
We can thank our benevolent gasoline refiner and retainer for conditioning us to much harsher gasoline pricing realities. The low zoners (new term!) went from $3.45 to $3.89 yesterday, a hike of 44 cents a gallon, and it was not caused by evil dictators, a planetoid hitting a refinery, or a squirrel. It was just business as usual.
On a more serious note, are we seeing more ‘refinery issues’ now that oil has been stuck in the low-mid $90′s?
And that’s a big WRONG for me.
I think you were a bit too quick to post this as gas prices have taken off like a rocket this weekend. I am seeing gas going for $3.94 all over town.
Many moons ago I opined that the primary reason of the pricing resets was not really more revenue generation but rather, a disconnect of retail prices from any market based price basis. This appears to have happenned with great success.
The end result is that instead of manipulating one visible and global commodity, crude oil, we’re now dealing with a myriad of factors, any of which causing serious financial strain to consumers without raising any obvious red flags for the authorities.
But then, if the authorities were concerned, we would not have ended with the current “monopoly upon monopoly” scheme, unique to the oil industry. I am surprised the oil industry didn’t figure this out in the 80′s…