Big Ten Red States Leads to Red (Lower) Gas Prices

Comment on the November 1 prediction:  Turned out to be a CORRECT prediction, as prices rose on November 2-3.

Sunday, November 13, 2016, 8:00PM:  Yup, volatility.  Stocks rose sharply last week, first thinking Clinton was going to win, then after Trump won.  In the middle of that, on election night, stock futures prices crashed from 9PM until midnight.  By Friday, the Dow had hit an all-time high.  Meanwhile, wholesale gas prices (and gold) got clobbered, and we are seeing retail prices below $2 all over the place, with $1.85 in Lowell.  Will it last?  Probably not, as it looks like $1.85 is below cost for retailers right now, but those stations above $2.10 have move to drop on Monday.  Plan for the week:  keep filling up for under $2, but expect a reset before the week is out.  $2.19? -EA

 

Updated: November 13, 2016 — 8:14 pm

19 Comments

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  1. until that big jump in spot friday thought we were safe round here. Now with prices NW Ohio RT20 corridor dropping in places to 1.90-1.95 getting close to the line again oh and its thanksgiving next week…

    just secured 1.919 and will be topping off daily this week

  2. Topped off at $1.749 this morning, in anticipation.

  3. Spot is down 3.31 cents at mid-day. The Big Red gas station near the hotel I frequently stay at in Covington Kentucky has been locked at $2.35 for a good three weeks now. For whatever reason it’s not subject to the wild price swings other Speedways take part in. Back as recent as early October, the Covington Big Red was virtually the same as places near home in Indiana, but now there’s a 61 cent per gallon difference.

    Fortunately, I’m getting the good end of the bargain

  4. Ohio margin back to around 10c over spot again..still a bit of room for prices to drift down a few more cents. topping up daily on the way to work to continue

  5. Used quadruple points on gift cards this weekend and a 200 point ecoupon to snag it for .83 a gallon at my local Kroger. Less than $30. for 35 gallons. Needed to fill up a couple cars, and I figured I’d better do it at the front of the week, because I expect it to start with a 2 by the end of the week. Simply because they can, and there’s no one to stop them.

  6. Spike to $2.199 under way in Ohio.
    95 cents over spot……smh

  7. $2.19 in Grand Rapids, too.

  8. time to restore that 30c margin 2.199 NW ohio corridor. looks like speedway started it round here
    keep it up there to catch the early travellers ahead of next week I guess….

  9. South Bend IN & Niles MI to $2.19. Time to visit Costco for $1.82.

  10. Paid $1.699 this morning. Admittedly, I was lucky enough to have the cheapest station in the area along my commute. That 50 cent jump is going to be rough, assuming they go. They have given Speedway the middle finger on the last 3 spikes, and not budged.

  11. Already seeing stations backing off the spike by as much as 15 cents. This sounds like a “hail mary” play from the Big Red playbook. Spike, drop it quick and then poof….magically up again just in time for all the Thanksgiving travelers. Nahhh they would never do that lol

  12. And the Pollyanna/rose-colored glasses types can’t use the “gas is cheaper than a year ago” card anymore.

    $2.157 today vs $1.900 one year ago.

  13. I noticed that too Chris. I started looking at the one year ago numbers and said “wow”. Hoping sometime before the spring ramp up in prices to beat my $1.19 fill up earlier this year in February.

    Maybe the upcoming OPEC meeting to reduce production falls flat and keeps sending oil & gas downward? Unfortunately spot went up to $1.28 today

  14. A few stations in the Lansing area never spiked and remained at $1.94, including a Kroger, which is somewhat unusual. There are now 11 stations in the “area” showing up on GasBuddy at 1.94 within the last 4 hours, including a few Speedway stations. Having said that, there are still more stations at 2.19 or more.

  15. Get ready, was just a write up bout prices possibly going down, so you know what that means….

  16. Do we have any holidays coming up soon lol? Oil is up almost 4% this morning…uh oh

  17. I also heard that Whiting is laying off people. That should help keep the price of gas down (not!)
    http://www.insideindianabusiness.com/story/33722570/layoffs-hit-bp-whiting-refinery

  18. Spot off to the races today up nearly 7 cents. We have the good ol upcoming OPEC meeting to blame according to Murphy Oil. I’m sure that will lock us into another spike either tomorrow or Wednesday. Guess I’ll enjoy my $1.79 fill ups which will be replaced with $2.19/$2.29

  19. still around 10c over spot NW Ohio corridor..prices generally in 2.05-2.15 range
    perfect day for a spike to 2.299 given the rapidly rising oil and spot prices..and a holiday week

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