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