Comment on the September 3 prediction: Prices rose as predicted, with $3.69 in Michigan, which is close enough for a CORRECT.
Wednesday, September 17, 2014, 9:00PM: We’ve had a nice two weeks of falling prices. Significant drops in the price of oil has been the biggest factor, but also of note is that ethanol prices have taken a real dive since Labor Day. Since ethanol only make up 10% of what is coming out of the pumps, that isn’t going to have a big effect on retail prices (based on my new on-going study), but it looks like it has taken a few cents off of the pump price. I estimate the cost-to-retailers tonight to be in the low $3.20’s, which is the retail price in Lowell and Wyoming. So, we have a good chance for a hike tomorrow, to $3.49. But I am not sure, though, because sometimes when we have falling prices like we have this month, the retail price will drop lower than expected first. So, since I am getting low on gas, I am going to fill up on Thursday, but for now — no firm prediction. –Ed A.