Let’s Go Out To Eat

Comment on the August 14 prediction:  Yup, $2.39 on Monday, just as predicted.  CORRECT.

Sunday, August 24, 2016, 12:00PM:  These lower gas prices in 2016 have been nice!  According to this article, we’ve been using the extra money to grow their savings accounts and to go out to eat more.  But I wonder if we are now on a path back to $3 gas.  Since dropping to $40 a barrel at the beginning of August, oil prices have climbed to near $50.  That would be a 25% jump in a month if we get there this week.  Retail gas prices are being dragged along.  We were down to $1.79 in Indiana at the beginning of the month, now at $2.29.  Here in Michigan, although retail prices haven’t dropped much since the hike a week ago, wholesale prices have gone up, and I think we are looking at another re-set this week, to $2.49 a gallon. –Ed A.

Updated: August 21, 2016 — 11:34 am

15 Comments

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  1. I’d certainly hope we’re not on a path back to $3 gas. Spot closed Friday at $1.54 and surprisingly enough, it’s only up 21 cents since the beginning of August. This is despite crude’s big climb on OPEC’s production freeze talk. Yes, no action just talk…guess that’s enough to spook the markets.

    I’m already seeing stations in Indiana backing off the spike quite a bit dropping to $2.09. I’m sure the rocky ride will continue. I bet people out in Wichita are laughing at our crazy wild swings

  2. prices very stable NW ohio corridor 2.099-2.159 seems the general range and nothings budged since middle last week.
    crude is down this morning – if it brings spot down a bit today we may be spared a spike- well maybe back again to 2.299 or maybe just a bit higher
    many schools back in round here this week..and all back in next so “end of the summer driving season” in sight. Wonder as refineries start to switch back to winter blend next month we will get a sale to move the summer fuel like the one in February to shift the winter stuff when prices at the pumps crashed to 1.25 a gallon round here ?

  3. Not sure about a sale to get cheaper gas into the market, Scala. In my pessimistic eyes last Spring’s run down was to enable the more costly Summer Blend to the pumps. But I certainly wouldn’t spit at a Fire Sale as long as the fire isn’t at BP Whiting.

  4. Unfortunately, we’d hit $3.009 in only a couple spikes, seeing as last week averaged $0.40/gal. in the Toledo area.

  5. Ohio is getting a Speedway reset to $2.29 this morning…

  6. SW Ohio jumping to $2.499.
    Come on Speedway. If you’re going to screw us, as least give us a reach-around.

  7. Cincinnati and surrounding areas are experiencing a bit of resistance. Some of the stations in the Hamilton and Fairfield area, who didn’t spike from their $1.999 a couple weeks back have not spiked this time either and they seem to have a few more friends too.

    The West Side, who usually caves early like a henpecked husband have not spiked as well. Of course this could all change in a few hours but it would be nice to have some serious rejection of GREEDway’s $2.499 SW Ohio overreach.

  8. The UDF at Pleasant and Nilles in Fairfield, Ohio is DOWN 20 cents since yesterday.
    $2.199 at 6pm yesterday, $1.999 now.
    Take that, GREEDway!

  9. 3 stations bumped up to $2.39 this morning (2 are speedway, 1 marathon) in Grand Rapids.

  10. Stations in sw Ohio seem to be reluctant (so far) to follow GREEDway’s ridiculous lead to $2.499. The “lowest prices” board on gasbuddy is still all $1.999 and under.

  11. Yep Greedway 2.399 in Kazoo area

  12. Shouldnt Cincy be around $2.70 with the usual $1.15 margins? Ya’ll are getting a nice bargain lol

  13. We SHOULD be, but so far everyone’s been telling GREEDway where to stick it. The average only went up about 8 cents, to $2.28.

  14. One of a few Cincinnati West Side stations to spike to $2.499 was a Shell station just off I74 in Monfort Heights. When it became apparent no other station around it, not even the GREEDway a block away was going to spike and their day old coffee was about as viscous as 20 weight motor oil they cut their price by 16 cents.

    I love days like this.

  15. I sure hope the Cincinnati resistance trend continues, especially on the West side as many stations are forcing Greedway to remain around $2.19 despite the recent spot prices in the $1.50’s.
    It probably won’t last much longer but it sure has been nice….

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