Comment on the May 13 prediction: Michigan got a reprieve two weeks ago, although Minnesota didn’t. But I was WRONG.
Wednesday, May 29, 2013, 11:30AM: Things have been rather screwy lately. Speedway-led price hikes have been more localized to certain states or regions, which led to relatively cheap gas in Ohio two weeks ago, and crazy-high prices in Minnesota. Here in Michigan, prices re-set to $3.99 on May 20, which by my calculations was the same price retailers were paying, so in some ways, we were getting a bargain. Then, while Chicago spot prices rose last week, and prices in Standale were $3.97, suddenly they were $3.79 and stayed that way all weekend. Yesterday, another re-set to $3.99, but many stations in Grand Rapids decided not to play, and you can get gas for $3.79 in Wyoming today. Why not follow with the hike? Because wholesale prices dropped hard on Tuesday.
By my calculation, retailers are paying $3.79 today for gas, so $3.79-$3.99 would be the retail range right now, and that’s what we have. But it is hard to predict right now what to expect the next several days. — Ed Aboufadel