Thank You for $2 Gas

Comment on Monday’s prediction:  Quite CORRECT, as prices headed to $2 a gallon.

Saturday, November 14, 2015, 9:00AM:  I don’t know why, but oil prices dropped 10% this week, and wholesale Chicago-area gas prices fell even more.  Gas prices are as low as $1.999 in the Grand Rapids area this morning, but there is room in my calculations to go all the way down to $1.80.  This is the time of year when gas prices are the lowest.  Hooray! -EA

Updated: November 14, 2015 — 9:05 am

41 Comments

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  1. Costco in Granger & west side WMT in South Bend is down to $1.96!
    SBN avg 2.09

  2. Prices in Cincinnati were NOT dropping like a feather, not this week. In just over a week parts of the West Side have dropped 25 cents a gallon, probably bowing to the pressure from Fairfield/Hamilton/Oxford up North, Lawrenceburg and Aurora in SE Indiana and eventually the Oakley/Madisonville/Fairfax part of town to the East.

    The West Side is at $1.97, SE Indiana is in the low $1.90s to mid- $1.80s and North of Cincinnati are as low as $1.73.

    Enjoy and viva la France.

  3. Left SE MI at 4:00 am for a dog show in Columbus. Early departure and a lengthy drive but filled up in Delaware, OH for $1.94 so it was worth the drive.

  4. That puts gas in the 1971 range of price per gallon. I believe $1.98 makes it .34 cents in 1971.
    Still with the whining already? I’m not.

  5. Then again we’ll see what a pumped up French attack agenda has in store for the middle east. Could be an interesting end to 2015.

  6. $1.769 up the street. Guess where I’m filling up.

  7. We still have a lot of room to drop. In January when spot was $1.15 our gas was $1.70. Spot currently at $1.18 and our gas is $2.05. Are we the new Cincinnati of Indiana (just couldn’t resist ChrisDG74 lol)

  8. With steady $2.20’s in Lansing, and $2.00 in already in Ionia….I alway’s wonder about price fixing……
    Grand Rapids has two or three stations that lead price reductions, while the rest just go along with the pack….
    They don’t call that price fixing?….mmm
    It takes a week or two to come down in prices, while it goes up in a day…..
    I guess our Governor is too busy to look into that, just wants to raise our taxes!

  9. I saw maybe FIVE price drops at a single station over this weekend. They dropped it like 2 cents on Saturday morning, 2 cents in the afternoon, 2 cents in the evening, 2 cents on Sunday morning, and another 2 cents Sunday afternoon (that’s today). That particular station currently stands at $1.929.

    With how fast prices are dropping, I’m going to predict a Speedway reset in lower Michigan for this Thursday, November 19 to $2.299. If they don’t reset on Thursday, then Monday, November 23 is a secondary possibility, because Wednesday, November 25 is always called “the busiest travel day of the year.” Either way, you should start thinking about filling up this week for your Thanksgiving travel.

  10. Ohio is still 82 cents over spot. I bet on one the week of Thanksgiving. We seem to always see a spike that week.

  11. dropping fast here in NW ohio too..2.099 on thursday when left for trip to SE Ohio, 1.949 when got back Saturday afternoon

    Still with busy travel week coming up and oil prices rising again this morning I dont expect the sub $2.00 price to still be here by end next week. For now Make the most of it

  12. independent retailer

    1.75 cost to me today. And market shows down 5 cents already for today.

  13. Oil is down about 40 cents today. My question is will they go “easy” on us and save the spike for next week or will they hit us say around Thursday and then again next Tuesday with the “double banger”? Labor Day was one of those very rare holidays that did not see a spike, but I seriously doubt that will be the case this time

  14. Looks like Chicago spot/cash has just dropped to under $1.

  15. Must be surplus product in the region…spot closed at $.939 or down over 15 cents.

  16. Wow!

    The spreadsheet has just been updated and the Michigan Spike Line is now down to $1.6145. That’s the result of a 15.28¢ decrease in the Chicago spot today to 93.86¢.

    On November 12, Patrick tweeted: “Midwest refinery utilization roars back to 87.7% from 79.5% a week ago, sees gasoline inventories rise 1.1 MMbbl”

    The lowest prices in Michigan are currently $1.669 to $1.699 in Houghton Lake. Adjusted for inflation, $1.669 gas is like:

    * $1.21 gas in 2000

    * 92¢ gas in 1990 (Gas spiked to $1.40 that year in August after Sadaam Hussein invaded Kuwait)

    * 58¢ gas in 1980 (I remember gas being $1.11 around that time)

    * 27¢ gas in 1970

    * 21¢ gas in 1960

    So, I guess we can ignore that prediction I made yesterday about a holiday reset for this Thursday, though one on Monday might still be possible.

    Any gas I buy between now and December 31 will be interest free for 6 months, as my credit card is offering 0.00% APR on all purchases during that time period.

  17. Very interesting, thanks, Diether Haenicke! I saw gas for 1.799 today in the Troy, MI area. On October 31st it was 2.499.

  18. I heard that the reason for oil and gas dropping so fast is that investors no longer see any possibility of a real economic recovery, and see no way to make a profit. So they are shedding ownership of oil and gasoline.

  19. 1.669 in the Fairfield, Ohio area.
    Sad thing is, 1.669 could be the AVERAGE Ohio price, not $1.89.
    As usual, UDF leading the drops in the area, dragging Speedway kicking and screaming all the way down.

  20. TimmP wrote: “I heard that the reason for oil and gas dropping so fast is …”

    That may be possible, but we are now at the time of year when gas prices usually reach their yearly bottom, somewhere around Thanksgiving to MLK Day. Last winter, gas prices in Kalamazoo hit their seasonal bottom on about January 3, 2015 at $1.739. That was the lowest I had seen prices in Kalamazoo since $1.499 on Thanksgiving Day in 2008 (gas had been up to $4.299 only 4 months prior). Prior to that, I hadn’t seen sub-$2 prices since about 2002.

    At present, there are 8 Kalamazoo-area stations at $1.799, 2 at $1.779, and 2 at $1.749 (one being Costco). I think Kalamazoo is going to see $1.699 at some outlets before the next reset. I’ll fill up at that price for Thanksgiving travel.

    Today, Patrick tweeted:

    * “Midwest (PADD 2) refiners continue to ramp up, utilization rose again to 88%, mogas inventories rise 500,000 bbl”

    * “Looks pretty good! Cheapest station in the country today: $1.519/gal at Costco in Concord, MO”

    Presently, Indiana has the 7th lowest GasBuddy average at $1.922. Ohio is right behind at 8th and $1.924. Michigan is #18 at $2.041, but showing a 7.8¢ drop over the past 24 hours.

  21. Gas in Kalamazoo County has started to fall below yesterday’s Michigan Spike Line of $1.6824. At present, there are two stations at $1.679 plus five at $1.699. The Kalamazoo County GasBuddy average is $1.839.

    Kent County (Grand Rapids), about 2.5 times more populous than Kalamazoo County, continues to lag on gas price decreases. The lowest prices there are two outlets at $1.789 and four at $1.799. The Grand Rapids GasBuddy average is $1.940, 10.1¢ higher than Kalamazoo.

    The two Oshtemo Township (Kalamazoo County) stations at $1.679 rank as the 11th and 13th lowest priced stations in Michigan. They are both located on Stadium Dr., near the U.S. 131 exit. One is a Costco and the other is a Shell.

  22. In the Cincinnati area $1.60s prices are spreading from the Hamilton/Fairfield/Oxford area to the more centrally located Norwood and Oakley part of town. If you can’t find $1.60s prices you can certainly find gas in the $1.70s range all over town. The West side still in the $1.80s but I only need to drive in Lawrenceburg 15 minutes away to get prices in the mid-$1.70s while doing my Krogering.

    The only bad is we are a little more than 70 cents over spot. I don’t know what GREEDway has in store for us on Thanksgiving week.

  23. Bearcat, a spike, what else?
    And before the rose-colored glasses crew chimes in: The Cincy are has seen a spike the week of Thanksgiving, EVERY year, for the last eight.

  24. Gee Chris…I can’t think of anyone around here who wears rose colored glasses lol. Wouldn’t a pre-Thanksgiving Day spike just be ‘market forces at work’?

    We’re still well above the spike line and I was wrong about the pre-Labor day spike, but I still think they’ll go for nine years in a row. If it does spike, it should be one of those mini jumps and drop relatively quickly thereafter.

  25. Not too hard to get gas in the $1.60s here in Indy. I wonder if/when there will be a spike this week? I’ll fill up the cars tonight.

  26. couple stations in the NW ohio rt 20 corridor just touched 1.699 Sunday night..still around 15 cents over spike, but feel its coming tomorrow. All cars filled up..but at least the reset should keep price just under $2.00–which looked very unlikley 3 weeks ago. I hoped for $2.00 gas for thanksgiving..lets all see how it goes this week- ironoically at $2.00 a gallon it will be around the same price of a pound of turkey (remember the 30 cent a pound turkey 10 years ago???)

  27. Gas today in the Kalamazoo area for $1.59. Thats .27 cents a gallon in 1971 prices…even cheap in that era. $1.64 at various spots in the Grand Rapids area also.
    Be Thankful, stop whimpering about gas prices being too high…because they are NOT and enjoy the holiday..and you should probably fill up NOW by the way.

  28. The feeling I personally get from 1.59 gas is really one of puzzlement. For most of the past ten or fifteen years we paid twice that. The global economy hasn’t changed in a meaningful way. Supply and demand are meaningless at the local level. The industry continues to consolidate.

    Apart from driving large cars off the road, these expensive years shifted trillions of wealth around. To what end?

    I would have loved to see some money to to better energy – not the rich people toy variety – but even that never happened.

    To top it all off, we are still a “geopolitical crisis” away from $3+ gasoline…

    Oh well.

  29. well..a mini spike going on in the RT20 corridor – looks like a handful places just got frightened or bold and went from 1.70- to 1.85. As most stations are still around 1.80 dont think its much impact – maybe just a small ‘told you so’

    mind you lots to be thankful for this week – gasbuddy reports around 90 cents a gallon less than last year for Ohio – i though we were around $2.50 last thanksgiving..and it fell throughout December

    now..back to that price of a LB of turkey….

  30. Yep. Spiked 11/24/14 in Ohio(Monday before Turkey day), to $2.859 and fell the rest of the year, back down to $1.87 in early Jan 2015.

  31. Hope everyone topped off, since many stations have fallen below the spike price. Speedway is obliging with a $1.99 hike in indy metro this morning and can’t imagine it’s just for here.

  32. Reset to 1.899 in Ohio.
    Told ya so. Nine years in a row.

  33. Not knowing what spot did yesterday, Ohio average is 1.80, 75 cents over Friday’s spot close, well out of spike territory.

  34. South Bend, IN – Speedway spiking to $1.99. Fill up at Coscto for $1.69 & at the $1.70s soon!

  35. I thought spikes were supposed to be 8% (at a $3.50 Pump Price), not 15% as it is today.

  36. 9 for 9 eh Chris? I’ll go out on a limb and say next year will be 10 in a row. I haven’t seen what spot prices have been doing…have they shot up or are these gas stations just increasing their profit margins at the expense of all of us?

  37. Here in Indiana many stations went from 1.66 to 1.99, a 20% spike. I wonder if a Nessie sized squirrel was seen swimming in the murky waters around Whitting…

  38. Spot was still 1.05 at close yesterday. Figure in ethanol @ 1.50/gallon, that puts the spike line at 1.69, a little bit out of normal spike territory, but, yes, cuz Turkey Day.

  39. There was no Thanksgiving reset in Michigan. Prices in Kalamazoo have remained historically low (especially when adjusted for inflation) and stable for the past week. I am expecting a reset to $1.999 or higher in Michigan tomorrow morning (Monday, November 30). I will post more in the current thread, titled “E85: Is it time to give it a thought?”

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