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