Comment on the July 25 prediction: CORRECT, as prices rose that week to $2.55 in Michigan.
Saturday, August 19, 2017, 11:00AM: I’ve been posting less this summer for a few reasons. One is the great work of my TGG colleagues. The other is that, other than a brief dip in June, wholesale gas prices have been pretty steady since the beginning of May, and retail prices have been, well, boring. We’ve had eight price resets in almost four months, with prices buzzing around this summer’s Michigan average of about $2.45. That’s a far cry from the twice-a-week hikes we saw a few years ago, and the $4+ per gallon. This inflation-adjusted chart of gas prices going back to the 1970’s really tells the story:
Things will get crazy again at some point, and these quiet times are the ones to sharpen our analytic tools and study the past. Short-term, I think we’ll see a price reset this coming week, probably on Thursday. Back to $2.55 again? –Ed A.