Comment on my February 8 prediction: Prices fell for a few days, then rose a bit that Thursday, so I call this a PUSH.
Monday, February 29, 2016, 8:30PM: It is starting to look like gas and oil prices bottomed out on February 11, and stocks, too. Wholesale gas prices have practically doubled since then! There is enough scare in the markets to see them start “climbing the wall of worry” and to convince central bankers to try to goose the market up. We also know that gas prices usually rise the first four months of the year, and after a delay, I think we are back to SNAFU — situation normal, all …. Short-term, expect a price hike on Tuesday. Estimated new price: $1.89. — Ed A.
We made it through the weekend and survived Presidents Day, but I’m thinking there’s a shot at another Spike in the next few days. The average retail price has peaked and started to drop since the last Spike here in Ohio. Combine that with the huge jump in spot prices last week and we’re sitting right on the Spike Line price again. $1.799 is a possibility. Prices aren’t what they were a week ago, but they’re still lower than $1.799. Hedge your bets if you’re getting low.
Comment on the January 23 prediction: We did get a hike as predicted. CORRECT.
Monday, February 8, 2016, 4:30PM: December 31 was not a good time to buy stocks, or oil. But gold has been on a tear higher, and the world economy remains unstable. In Japan, they now have negative interest rates. That means that they will pay you interest when you borrow money. Given the way wholesale gas prices have been falling, at what point does Speedway start to post negative gas prices? For every gallon you pump, we’ll give you a dollar! We’re a long, long way from that moment, but Chicago wholesale gas prices continued to fall today to levels not seen for years, to 56 cents a gallon. That corresponds to a retail price in the $1.10-$1.20 range. So, expect prices to keep falling! –EA