Comment on the October 6 prediction: Prices rose in many Speedway states on October 7 to $2.59, but not in Michigan. So, I don’t know: 1/2 CORRECT, 1/2 WRONG?
Sunday, October 25, 2015, 10:30PM: I’ve been slow to post anything, because wholesale prices have been slipping all month, and retail prices have followed. And the drops have been significant. So that brings us to the hike Michigan this past Thursday, to $2.39, which wasn’t matched in nearby states. Based on my estimates of the wholesale price, the hike wasn’t in line with past history, and, in fact, the hike has already been rescinded along Lake Michigan Drive. Other parts of Michigan, of course, are still at $2.39. I’m estimating a price-to-retailers of about $2.07 right now, so there is plenty of room to fall.
If wholesale prices go up, then I understand why retail prices follow, although I don’t like it. But when wholesale prices are low, and we still get a hike, which happens a few times a year, well that’s just unacceptable, and we need to coin a term for it. Bogus hike? Fat finger hike? The suggestion box is now open. — Ed A.