Comment on the February 25 prediction: Here in Michigan, it was CORRECT — prices rose as predicted.
Saturday, March 7, 2015, 3:00PM: By the end of January, oil had fallen below $50 a barrel, and wholesale gas (Chicago CBOB) was around $1.40. Then, in February, oil attempted to rally, and got as high as $53 on a closing basis. Gasoline got excited, as it usually does in February, with CBOB jumping to $1.65, leading to retail prices like $2.49. However, after the past week, we are back to the “under $50/around $1.40” pricing, and that opens up an opportunity for retail prices to fall to $2.19. In fact, you can get gas for $2.14 this afternoon in Lowell! Elsewhere, prices in the $2.30’s should be coming down over the next several days, and I can’t see any price hike on the horizon. — Ed A.