Fill up this morning as we face the $4 hurdle

Comment on the June 4 prediction:  Prices rose as predicted to $3.99, some on Thursday last week, some on Friday.  CORRECT.

Friday, June 13, 7:30AM:  Just getting around to updating my spreadsheet, it looks like we have a price hike coming today or Saturday, thanks to civil turmoil in Iraq.  Wholesale gas prices jumped at least 8 cents a gallon yesterday, and the only question is whether we break $4 or not.  If we do, I can’t see it being any higher than $4.09, but the retailers might reset just to $3.99 again, because it looks better.  Fill up this morning, like I did. — Ed A.

Updated: June 13, 2014 — 7:35 am

18 Comments

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  1. I topped off everything. Both cars, and a 5 gallon mower can. $3.56. Indiana set the record a couple months ago for biggest gas price jump in USA history. Looks like we might break our older record?
    http://www.fox28.com/story/25764046/2014/06/12/gasbuddy-gas-prices-could-jump-over-4-per-gallon-friday-morning

  2. I did the same thing myself TimmP, last night $3.52 @ Cedar Springs Meijer, as was everybody else – that place was HOPPIN last night – LOL!! Here is an excerpt from an article I was reading this morning with a link below it.

    So ISIS hasn’t done anything that directly affects world oil supplies, and doesn’t seem likely to soon. Still, oil prices have shot up by about $4 per barrel to new highs for the year. Brent, the benchmark for Europe, is trading around $113 per barrel, while West Texas crude, the U.S. benchmark, is at about $107. The recent price hikes reflect a fairly typical “fear premium” seen when unpredictable events occur in the Middle East.

    http://finance.yahoo.com/blogs/breakout/5-things-to-know-about-iraq-and-oil-prices-201833485.html

  3. Gas is going up to $3.99 today in Grand Rapids

  4. ….And So it Begins….

  5. The target price is $3.959 in Indy.

  6. Yep 3.99 in Kzoo. Question is, is this going to be it or will this be one of those 2 tier jumps? 3.99 today, 4.09 or 4.19 in a day or two? Sure home not.

  7. I would live to see them push for mid $4 prices. This may wake up the sheep as well as the businesses that will get hammered in order for oil companies to improve earnings.

    Gotta say tho Iraq was as good an excuse as it gets. By the time Iraq cools off we have hurricane season then a token price cut for the holidays…

  8. Chicago formulation wholesale only went up 4.9 cents (didn’t reflect the whole spot price jump yesterday). Guessing the same applies to the more generic formulation. With the broader gas market down a bit today (so far) I wouldn’t expect a 2nd hike on the weekend. It’s interesting that the various Speedway markets are about as out of synch with their spike days as I’ve ever seen.

  9. South Bend hit $3.95 today. Glad I filled up 2 cars & a gas can for $3.74

  10. Mike Kalamazoo:

    That’s exactly what I was thinking. If $4 was going to be the end game, they would have hiked there yesterday. Instead, it was $3.95. This fits the pattern for another smaller spike to move above $4. I hope I’m wrong.

  11. Most about $3.95 in South Bend. About 7 in the area $3.64(1) to $3.79. Walmart west side of SBN & stations near it holding @ $3.71. Just across the line in Niles, MI Walmart & 2 Admirals $3.71.

  12. Retail/wholesale spread in Ohio is EXACTLY 80 cents. Perfect time for a spike.

  13. Left home today in Indiana at $3.90…180 miles later in Toledo I was greeted with $3.45. Must be nice.

    The next spike will surely send a ton of Indiana gas stations over $4 a gallon

  14. CHRIS: when you figure that only 26¢ of that 45¢ difference is sales tax that Indiana gets on gas that Ohio doesn’t…I could still use that 19¢ myself.
    SAM: The road funds have all been raided in recent years for the $$ to be used for other things than roads. Raising the taxes won’t actually send any more $$ to roads.

  15. Prices in Kalamazoo County are as low as $3.669 today (Sunday), a 33¢ drop from the last reset to $3.999 on Friday the 13th of June.

    How much lower can prices fall before we are due for a reset?

  16. Probably make us due for a big 30-40 cent crank up this week.

    TimmP….I saw a couple of reports on the taxes collected for road funds and you’re right, this money needs to stop being used elsewhere. Of course we know how politicians are. Two 6 cent increases and then it’s tied to inflation?? Sounds like a huge can of worms being opened up to me

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