Month: October 2013

Expecting a trick, not a treat, at the gas pump

Comment on the October 23 prediction:  We only got down to $3.09 on Alpine, which means I was a bit too optimistic, and WRONG.

Monday, October 28, 2013, 7:00PM:  Wholesale gas prices have jumped 17 cents since last Wednesday (thank you, refinery fire), and we are at the point where the retail price is pretty much the same as the price retailers are paying to fill their own tanks.  So, we are getting the trick instead of the treat, on Tuesday or Wednesday.  Estimated new price:  $3.45 a gallon. –Ed Aboufadel

Can We Shut Down Oil Speculation Instead?

Comment on the September 29 prediction:  No hike the first week of October, as predicted.  CORRECT.

Monday, October 14, 2013:  7:30PM:  We had a price hike last Monday, and another one this Monday, with a new price of $3.59.  I didn’t predict these (color me WRONG) because the NYMEX numbers I am using right now (to estimate the price to retailers) have been eerily steady since mid-September.  To give you some value on the blog, here’s a link to an article I read last week interviewing Dan Dicker, a veteran oil trader.  The interview backs up what we have been writing for years, how energy prices have been hijacked by traders and speculators.  Sample quote:  “Now, the growth in volume [of trading energy futures] … is the growth of those players who have absolutely zero physical interest in oil; they don’t care how it is used. … WTI [West Texas Intermediate oil price] has lost entirely its connection with global crude oil.”

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