Christmas Present: $2.99 predicted!
52 comments Friday, 12-14-12 | Posted By Ed Aboufadel | Predictions
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
It’s already $2.89 at a few places in sw Ohio
Greedway will not let it happen…
I’m figuring Greedway is going to manufacture an excuse to spike late next week(between Wed and Fri). I’ll be making sure I stay topped off.
I was just going to say the same thing Chris – if we don’t get a spike for Christmas, I’ll eat my words that they raise prices at every holiday. I’ll be keeping topped off too.
A Christmas present in the form of a 20-30 cent Greedway spike is a given next week right? Maybe they’ll be “generous” and keep it around 20 cents, but I’ll be shocked if it doesn’t happen.
Spot up 6 cents last 2 days. Greedway pulls the trigger Tuesday, as long as spot doesn’t drop Monday. Expect the new price in Ohio to be $3.299. I paid $2.759 this morning in Middletown.
The 17 cents drop in Chicago spot prices was attributed to all 3 CHicago area refiners shedding inventory at the end of the year according to DTN Televent news feed.
I say they’re a grinch….spike happens even if spot drops a dollar!
God, are you people cynical or what? Then again you are for a REASON so I’ll go along too.
Yet there are tons of stations in the high rent areas selling for $3.25… Not to mention diesel at a dollar more almost in Indiana.
The Ohio avg is 79 cents above spot right now. The last greed grab memo price was 95 cents above spot in Ohio. Figure retail will drop a few more pennies between now and Tuesday(it’s down 2 cents since yesterday, according to gasbuddy). Figure that gets us in the 75 cent range. Perfect spot for a 20-cent AVERAGE spike, with the lower areas jumping as much as 55 cents.
Ed
3.06 to me on the 14th. So either your formula is off or I’m getting screwed with the rest of you!!!
Richers Rewards price in Leo, IN, is 12 cents lower than the std retail price ($2.92). Suggesting that the margin is higher right now than thought. But why do I get the feeling I just purchased my one and only tank below $3.00 a gallon for 2012 and 2013 both?
Hear say, but local news in Grand Rapids, MI predicted a spike. I filled up for 3.09 in G.R. today.
Funny – I was just going to ask if there were any predictions for this afternoon of a hike. I filled up last night for $2.96 at Meijer in Cedar Springs with a Meijer credit card [10 cents off per gallon].
Nothing in sw Ohio yet. Hopefully since spot dropped 7 cents yesterday, that put a (temporary) damper on any spike thoughts. Waiting for the Kroger near me to drop to $2.999 so I can use my 2000 points and fill up both cars for under a buck a gallon.
Barrel of oil is up $1.50 over the last two days, so I imagine Chicago Spot will rise as well. And I’m sure Greedway is eagerly waiting to pull the trigger to screw us.
Spot down another 1.5 cents right now, making it very hard for Greedway to spike any time soon. Spot has been falling faster than retail as of late(in Ohio anyway). The gap has stayed at 85 cents, up from 79 on Friday.
Spot now down over 3 cents.
Poor, poor Greedway. Spot’s just not playing nice. Time for a refinery fire.
LOL @ Chris on the refinery fire, but I think you’re right. As for me, gonna top off tonight, just in case tomorrow.
Looks like Speedway is getting their wish, with spot showing up 9 cents today.
What refinery caught fire? Or pipeline broke? Just curious. With any luck, I can fill up for the second time in 2012 for under $3, if I hurry home tonight.
You just KNEW we wouldn’t make it past Thursday without a spike. Wonder if Greedway got their buddies to bid up the contracts 9 cents, so they can spike 20-30.
B-93 [I think it was that station] reported this morning that we are expecting a “major” gas price hike around 10:30 this morning. Somebody called in and thought with all the random acts of kindness going on around the area for the holidays, that the gas stations and oil companies should keep the prices down. I topped off this morning under $3 on my way to work – it’s 10:12 right now, guess we’ll see pretty soon if the radio was right!!
Told ya so:
Greedway spiking to $3.259 in Ohio right now.
As with the last spike, that puts Ohio at spot PLUS 95 cents(94 really).
$3.25 so far here too – - just happening!!
Over half of the Greedways within a 50 mile radius of my zip code have already taken the plunge. No slow-rolling spike today. No, no. Not the Thursday before a major holiday.
There is a guy at the BP refinery in Whiting on top of a cracking tower with a lit fusee. They will issue a press release soon and say it a FIRE and prices will rise accordingly. Then again maybe the rain will put it out soon enough.
Got gas at 3.09 here in Rockford yesterday, its amazingly cheaper here at the Mobil then those in GRR and sure enough when I came home last nite it fell to 3.04. S.E. GRR prices showing in the 2.80′s range. Not bad is it. Take and enjoy while you can…Happy Hunnakah and Merry Christmas!
$3.25 is the new “Merry Christmas” price from Speedway in Fort Wayne.
Interesting as Michigan is also going to 3.25 despite the higher taxes. Given that some of the Speedways here were still at 3.19, the spike isn’t so bad in this area.
I suppose this will be the start of a climb to near $4 a gallon gas like we had in March of this year. If you have a 5,000 gallon tanker truck BUY GAS NOW LOL.
Agreed Chris. Too bad I was pretty full as I passed a station for $2.99 this morning. Should’ve topped off, just so I could say “I remember when gas was under $3.00…”
….AND Spot is up almost 11 cents already today. That makes 20 cents in the last two days. Almost wiping out the margin gained by retail spike today. What is going on with this huge rise in wholesale in just two days? Really…what is it?
It is simply a justification for a second mini-hike to, say, $3.39 or so next Tuesday…
“It is simply a justification for a second mini-hike to, say, $3.39 or so next Tuesday…”
I’m betting to tomorrow or Saturday.
I’m betting Turbo & Chris are both right in the hike anyway. Maybe they’ll put that next spike off till Wednesday after Christmas so we can be grateful – LOL!!! Thankfully, I have 1 day left to drive to work and home and my car will be sitting until January 2!!!
Greedway seems to be playing nice for Christmas. Only a 20 cent spike to $3.19 in SW Delaware County for us Hoosiers.
Flint MI, 2.88 off ramp price thurs 7 am. 3.25 across the board by 5pm. Even Admiral, which normally does not join the other stations price wise until midnight of a given spike day, opted to match with everyone else by 6pm.
if its not 35 cents at a jump, its just not Michigan.
People laugh when I say it, but if the stations pulled spikes this extreme in Los Angeles, folks would riot.
Thanks for all the comments! Some of you noticed that wholesale prices went up more yesterday. If S&P futures are correct about today, though, stocks and energy prices should drop noticeably, so I’m optimistic we don’t get a second spike before Christmas.
35 cent spikes are for the minor leagues! Here in Spike Central we went 2.81 to 3.25
(2.81 were the super-low zones – I wonder how low price zones are assigned as they seem to ‘shift’ from time to time)
In all my frequent travels, only in Greedway states do these “extreme spikes” happen. I’m currently working in South Jersey far, far away from Greedway AND prices are dropping.
Yeah, it was entertaining looking through gasbuddy yesterday at about 11am. Holland stations by distance all between $3.01 to $3.08. Once in a while you see sprinkled in, one after the other- Speeday. $3.25. Bend over Michigan, here it comes.
Over in IL Speedway’s hike was tame enough that after last night’s 11¢ wholesale jump and some stations rolling back part of the hike they are making little or nothing. But I’d be pretty surprised if they do another full market hike here before Christmas. They’ve been known to ride through a holiday making nothing and spike the day after more than once.
Turbo,
Remember when I tld you about a price difference?
I told you about low spots around here. For Christmas Greedway and Miejier in Holland, 3.09, and Greedway and Meijer in Grandiville 3.19 .Thought you would like to know.
Meijer just sent their price alert for a much anticipated post holiday spike…
Prices going up to 3.399 in greater grand Rapids area starting at 11 am.
$3.399 in Ohio. We knew it was coming. What took them so long?
MERRY BELATED CHRISTMAS from our friends at Greedway. Anderson, Indiana already has a station up to $3.49. WTI crude at a two month high today and the march to $4 bucks a gallon begins once again.
Once again, a nice little monthly cost of living increase in my military retiree check will go to someone else besides me.
“Gasoline futures up on predicted increase of driving during the holidays”
“Blizzard shuts down the Midwest and East”
“LOL”
If the increase is only to 3.39 I’d be looking for a third spike in a row next week – I think today’s 3% increase in crude is not the end of it.
In my opinion, this is one argument in favor of E85. It’s not the same in all areas, but here in Lansing, the price moves at most once a month. It’s extremely stable. That’s one reason I began putting it into my car as opposed to E30, which I had been using. So far, the reduction in mileage doesn’t seem to be too bad, and I don’t have to worry about rushing to get gas before it goes up.
If Greedway keeps to the spot-plus-95 cent spikes in Ohio, we should see another one, to $3.499.
On a high mileage car I can see an MPG difference between E10 and E0, and in general Eanything is not good for the engine (turbocharged cars at least)… Not to mention the higher prices we pay for food due to corn being diverted to ethanol.
If we were like Brazil and could make our own I have no problem with it, but in the US at least we have ample proof that we could make gasoline out of turnips and dandellions and we’d still be paying whatever it is we’re paying.
E85 and diesel are living proof that Big Oil has a price in mind for a mile of travel, whether by gasoline, diesel, ethanol, or horse. I want to be alive in 20 years when we add electricity to the mix and Big Oil has ‘transformed’ itself into Big Energy (by buying out utilities) and charging EV’s pretty much what it would cost per mile for gasoline, for their electricity (right now the difference in price is quite substantial in most places. Here in Indy it’s probably 3 to 1 (gas vs juice).