Are we slogging back to $3 a gallon?

Comment on the April 27 prediction:  They waited until Thursday to give us the hike, and just to $2.59, so I will score this 1/2 CORRECT, 1/2 WRONG.

Wednesday, May 13, 2015, 3:00PM:  Whoa — where did that hike to $2.69 come from yesterday?  While we were getting close to price-hike territory, it didn’t look to me like we were that close.  Best I can tell is that there was a jump in wholesale prices yesterday during the day, and our Red friends were more anxious than usual about it.  In the bigger picture, oil prices have been continuing their slow-but-sure recovery from last year’s crash, and gas prices have been dragged along.  So, we may be heading to $3 by summertime.  That’s not a formal prediction, though.

Updated: May 13, 2015 — 3:04 pm

13 Comments

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  1. Good news?

    http://www.thetruthaboutcars.com/2015/05/oil-bull-market-rally-could-soon-falter-without-china/

    That and we usually see a drop in prices for the rest of the year, and, cross your fingers and knock on wood, it shouldn’t get to $3, and if it does, it shouldn’t stay there long.

  2. They’re pushing for 2.999 for the Memorial Day holiday weekend. Don’t think they will push it over the 3.00 mark but will get it as close as they can.

  3. $2.899 this morning in Crown Point, In. Family Express as usual, first out of the gate.

  4. And up they go for the rest of IN (ft wayne, south bend, lafayette, muncie, indy…). Speedway stations marching up to $2.75 this morning.

  5. South Bend, IN Speedway spiking to $2.75. I filled up for $2.40 last night.
    Niles, MI @ $2.69 for now

  6. As I’ve said to many people, its time to start fighting back against these thieves.

  7. Greedway in southwest Delaware County Indiana going for the big one with a 36 cent jump from $2.39 to $2.75. The spike next Thursday (we all know there will be one even if spot drops like a rock) will take us to $2.99. Only a buck and a cent away from $4 dollars again 🙁

  8. A while back I commented on welcome back to normal. What got lost was that the normal to which I was referring was the relentless march back to above $3.00 gas. This last jump takes us to just a quarter (well actually 24.1 cents) from that mark. And it is not the milestone it used to be. We have spent many years over that mark. And the entire market from oil well, to traders, to Wall Street, to refiners, to retailers know it.

  9. I said the same also – the irony of paying $3.00 on $60 crude is probably lost to many people…

  10. I was doing some messing around with Indiana, USA average, and Crude Oil graphing on Gas Buddy, for 7 years. What I can tell, the last time crude was this price, gas was only a bit cheaper. Hard to tell for sure siince the gas price axis is so compressed, but it looks close, but just a little cheaper 7 years ago.

  11. With spot closing at 1.98 Friday and the current Ohio average only 63 cents above that, I predict Ohio will be spiking Tuesday, to $2.799.

  12. Chris, I agree, and will post something shortly.

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