Temperatures to start rising, and so will gas prices

Comment on the December 23 prediction:  It was WRONG, or just early, as the last price hike of 2013 didn’t arrive until the day after Christmas.

Tuesday, January 7, 2014, 7:15PM:  Riding the roller coaster that are gas prices, retail prices have been dropping during this deep freeze, but wholesale prices have been rising.  We’ve reached the point where the price to retailers is about $3.23, and this afternoon I bought gas for $3.09.  You know what that means … price hike coming, Wednesday or Thursday.  Estimate of new price:  back to $3.49.  -EA

Updated: January 7, 2014 — 7:07 pm

32 Comments

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  1. Looks there are 4 stations in the Hudsonville/Jenison area up to $3.45 this morning.

  2. Interesting. Our gas only dropped 6 cents to $3.33 since the last spike and we’re already going to see another one. I suppose we’ll hit $3.59 this week then?

  3. Now the two in Jenison are no longer at $3.45?

  4. this happened before in the same area I wonder if there’s a retailer that wants to go up that posting fake higher prices

  5. Gasbuddy showed a brief increase for the Indy area, but now it’s back down in the green.

    Oil hit a five-week low today, so maybe we just got saved from a spike that was in its infancy.

  6. I don’t foresee a spike tomorrow from the numbers I see.

  7. This morning there are 3 speedways and a shell spread around the area that are up to $3.45.

  8. Ohio is spiking to $3.459 this morning.

  9. Average cost for Retailers in Lansing at start of day (01/09/14) was about $3.365 per gallon.

    Product = $2.61
    Taxes = $.555
    Overhead/shipping/handling = $.20
    ======
    Total $3.365

    Speedway increases could signal an expected increase in rack at 6:00 pm or perhaps terminals are running short of ethanol/product due to recent weather events. Warming weather the next few days should allow system to catch up if this is the case.

  10. $3.45 around Grand Rapids/Kentwood at lunch. Still loving E85 at $1 less per gallon – just playing headgames with myself.

  11. $3.45 in west central ohio at several speedway stations….

  12. The game is on. Local gas went from $3.07 last night to $3.45 this morning ! Good thing I filled up last night ! Argh !

  13. Another one of those weird spikes in East Central Indiana:
    Shell….$3.36 (no increase)
    Pilot….$3.39 (6 cent increase)
    Greedway.$3.39 (was first to shoot up to $3.45, but immediately pulled back after the others didn’t play ball)

    WTI Crude hit a six month low yesterday, but I see it’s up over $1 a barrel so far today as Fridays always seem to be “green” days.

  14. Speedway just jumped to $3.35 in west central ohio

  15. Gas is going to $3.39 in West Michigan/Grand Rapids.

  16. I guess I’m glad I grabbed 20 bucks worth this morning.

  17. $3.35 GREEDway spike in Ohio. Glad I topped off for $2.05 last night($3.05-1000 Kroger points).

  18. Speedway spikes 1st to $3.35 in South Bend. $3.39 in Niles, MI. Some stations (not Speedway) made it down to $3.11-$3.19.

  19. 3.39 is starting to spread in Flint. offramp speedways first of course, then spreading in town from there everyone will likely fall into line for the agreed price by midnite. I was expecting a thurs spike, but once we flirted with 3.00 this am, it became clear the writing was on the wall.

  20. Hanging in there 3.12 at the Sam’s Club in Lansing. Eastwood Sam’s (north Lansing, MI) doesn’t require a club card, so you can get gas 5 cents above the member price. Still not bad if everyone else in town jumps while Sam’s hold steady throughout the day. 22 cent jump for everyone else so far in the Lansing area to 3.34-3.39

  21. The average price in Indy had fallen 10 cents below the national average, so obviously a spike was in order. Many stations here were (and are still) below $3, and a price war in Franklin saw prices in the $2.50s for several days. I am not kidding.

  22. Most $3.35 in South Bend, IN. Some up to $3.39. Never saw below $3.06 last year or $3.11 this year.

  23. Am I the only one wondering why crude is in the $97 category under the explanation of ‘cold weather causes demand for heating oil’… Meanwhile the roads are empty because people don’t drive.

  24. If weather is bad enough to keep drivers off the road, it’s also bad enough to interfere with production and distribution of oil and finished products.

    So, even though demand is down, supply is down in a roughly equal proportion.

  25. Just a thought. Snowing and freezing rain today in Huston. Hmmm. A chance and excuse for….Hope not.

  26. Talk about fluctuating prices…M-43 in Grand Ledge from west of I-69 varied from 3.13 to 3.32! The BP was at 3.20 while Quality Dairy and Sunoco sat at 3.32…down the road Shell was at 3.22 and Meijer was at 3.13! Any ideas as to why? We are talking about a span of 3 miles maybe??

  27. Are you going to update the closing prices soon. Either do it right or don’t do it at all.

  28. We’ve got the data updated, and I will write a new post today. It’s been pretty quiet in the wholesale markets this month.

  29. January is when they do preventive maintenance on those handy electronic gasoline station price display boards 🙂

    Crude is too high for comfort unfortunately, and that may cause us to see higher prices. Just by looking at one chart (last 3 years crude vs gas for Indy) it seems we should be paying more for $97 crude. But one never knows.

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