Month: December 2012

Boss: Price Re-Set tomorrow. Flunky: Oops, I sent out the e-mail today.

Comment on the December 14 prediction:  It was possible to get gas under $3 in the region, but difficult to find that price in Grand Rapids.  But prices did keep falling until December 20, so I am going to rate that last prediction 1/2 CORRECT, 1/2 WRONG.

Wednesday, December 26, 2012, 8:15PM:  I can’t take some time off Christmas week without something weird happening.  In this case, we have a slow-motion hike today to $3.39, which seemed to anticipate where wholesale prices ended up today. But we didn’t get much of spike in wholesale prices, nor have we seen a significant drop in retail prices, so this seemed like a “The Speedway kids didn’t get what they wanted for Christmas, so the big red button got pushed Wednesday morning” sort of hike.  Or, it was a “let’s do a price re-set on Thursday but someone who drank too much eggnog sent out the e-mail a day early” sort a hike.

I expect this will be my final posting for 2012.  Thank you all for reading this blog, and Happy New Year! — Ed Aboufadel

Christmas Present: $2.99 predicted!

Comment on the December 3 prediction:  Soon after the prediction, prices rose to $3.49 in Indiana, $3.55 in Michigan.  CORRECT.

Friday, December 14, 2012, 8:00AM:  I was planning to post on Wednesday night, but then I updated my spreadsheet and the Chicago CBOB spot was quoted down 17 cents from Tuesday.  Since nothing else on Wednesday night (price of oil, other wholesale gas quotes) were consistent with this drop, I thought that Bloomberg might have an error with their quote.  But, last night the quote was still at that level, so I have to conclude that the cost to retailers has dropped again this week, to about $2.92 here in West Michigan.  Although the lowest price in the Grand Rapids area being $3.11 this morning (on Fuller St.), now we can easily drop below $3 at some places in the area, and that’s my prediction for Monday or Tuesday.  Thinking ahead the next four to six weeks, gas prices are usually the lowest of the year around Christmas, so enjoy these prices while we can. –Ed Aboufadel

Price of gasoline: $1.75 (a half-gallon)

Comment on the November 18 prediction:  Well, that was WRONG as prices hikes on November 20.  So, I took a week off from predicting.

Monday, December 3, 2012, 7:10PM:  In a decade-plus of The Gas Game, December has usually been the month where we would see the lowest prices of the year.  From my data collection, prices this year in Standale, Michigan got down to $3.26, and today we are getting close at $3.36.  We are also getting close to price hike territory, though, when I estimate retailers’ margins.  Most likely, we will be seeing a price reset this week, maybe even tomorrow, to the neighborhood of $3.49.  That would be $1.75 if the retailers ever decide to start pricing gas in half-gallons.  Hey, if they can do it to these products, why not gasoline? –Ed Aboufadel

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