Looks Like the Party is Over

Comment on the January 1 prediction:  Prices rose the next day as predicted, although not as high in Michigan as I thought.  A week later, they rose again.  Pretty much CORRECT.

Saturday, January 31, 2015, 10:15AM:  Wow, oil spiked higher on Friday, so wholesale prices followed, and we are already back in price hike territory.  Looks like the Cheap Gas Party of Winter 2015 is over, as I have been expecting.  Don’t be surprised to see a price hike over the next few days.  $2.39? — Ed A.

Updated: January 31, 2015 — 10:25 am

73 Comments

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  1. Spot prices down 14.7 cents today, even outpacing the NYMEX RBOB futures drop, which is a rarity in late winter.

  2. That’s a whopper of a drop Jim. I was worried they’d sneak in another spike Friday or Saturday. This might give us a few extra days to breathe unless it swings wildly the other way before Friday

  3. POSITEVILY ASTOUNDING how few of the stations that spiked to $2.39 have dropped. Most have not dropped a penny. Sams, Costco, and a few near them have fell a bit. But nobody much else.

  4. Oh come on Timm. You know it takes weeks for price changes to make their way to the pump………..

  5. You will see a slow trickle to 2.35 or 2.29 in time for the next spike.

    Business as usual. I better give my biceps some reps…

  6. Usually, in two week days, most stations will drop a penny with some 2 or even 3 cents. Not this time.

  7. I just gave my fist a workout. Wife’s car was empty and she needed to go somewhere tomorrow. Added like 3-4 gallons at 2.39… at NOT Speedway of course. Will fill it up at Costco for 2.15 or so. Still, a dollar more, but the wagon was full of $1.89 gas… How many shakes of the fist per gallon / dollar? do you shake more violent for premium? less for E-85?

    The Taj Mahal Speedway on US31 & 32 is open. Good price for gas for some reason (no competition for miles).

  8. So far at least Midwest markets not reacting to the refinery worker’s strike which has expanded to BP’s large Whiting IN location. Marathon’s Cattlesburg KY refinery was already involved.

  9. Strike! how creative.

    Now if we shake our fist while filling up or driving by it may be construed as a sign of solidarity to the striking workers, and likely prolonging any spikes.

    🙂 optional

    On a serious topic, I’m seeing E-85 at amazing prices, is there a story there? in the past E-85 was not much of a bargain, but now it certainly is if you have a compatible vehicle. Any insights?

  10. Another good ole 6 cent bump in spot prices today. Should trigger a hike in Chicagoland tomorrow.

  11. Thank you for the kind words of encouragement Ren. And here I was wondering why, after four engineering college degrees in three different engineering disciplines and 30 years of experience, I’m not the CEO… It’s my math skills… Maybe even my humor…

  12. Looks like Tuesday is hike day lately… seeing it going to $2.39 in MI, IN/Indy, and OH this morning. I’m sure Family Express will follow in NW IN later today (they usually do)

  13. Yep. $2.399 in sw Ohio. Knew it was coming.
    Cheapest on my way in was $2.189. Topped off.

  14. Fear not, fellow fist shakers… Oil prices to stay below $60 for two years 🙂

    http://www.theguardian.com/business/2015/feb/10/oil-prices-likely-to-stay-at-60-a-barrel-for-two-years-energy-group-predicts

    I love the part towards the end where the policies of different oil producing countries are discussed… Lots of “free market” moments there as the Saudis are doing their best to drive away lower cost producers…

    Who needs bad squirrel jokes with articles like those?

  15. As it stands now Cincinnati is 6 cents above the National Average and with the GREEDway spike today it has the potential to go 22 cents above it.

    As soon as I’m through typing I will have two fists in the air.

  16. Two fists, each with a finger raised.
    (that’s how I roll, anyway)

  17. $2.39 starting in Grand Rapids

  18. South Bend IN spiking to $2.39 again. Get it in SBN for $2.08-$2.19 while you can!

  19. Oh thanks Turbo. Just put the kiss of death on low oil prices with that below $60 article. They will raise it to 75 just to show us they can..(no squirrels will be harmed in this jump).

  20. Always the opposite of the pundits.

  21. And with all the hikes in states to our east, Speedway forgot about Chicagoland giving us a grace day. Expecting a hike tomorrow.

  22. Bill and I took down a few comments today, as they felt like the first sparks in a flame war. Let’s focus our emotions on Big Red and Big Oil, not each other.

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