Month: December 2017

Sleepy Time for Gas Prices

Comment on the December 3 prediction: Absolutely CORRECT, as prices reset on 12/4 to $2.59 in Michigan. Since then, we have slowly moved lower.

Sunday, December 17, 2017, 7:00PM: Oil and gas prices have been a real snoozer so far in December, other than the reset on the 4th, and what was the deal in Fort Wayne last Thursday? I think we reset this week, back to $2.59 or so to celebrate Christmas, which would not be a big deal in Walker ($2.48 right now) but would be bigger deal on Plainfield ($2.29 at the moment). Still looking for prices to climb in early 2018, because that’s usually what happens in the early part of the year. -EA

It’s The Most Wonderful Time of the Year … to Buy Gas

Sunday, December 3, 2017, 11:00AM:  Back in early September, oil was trading at $48 a barrel, and price reset in Michigan to $2.79 on the 5th.  On Friday, oil was trading at $58 a barrel, and gas prices … as low as $2.19 in Wyoming.  But, I also saw a $2.69 yesterday in Lansing, and everything in between in the southern part of the state the past two weeks.  So, what’s going on?  For one, retail gas prices tend to drop in the fall, typically bottoming out in December, as we switch from summer to winter gas.  Also, we had a spike in wholesale prices in the first week of November, related to some temporary shortages that have been worked out of the system, and it looks like some of the stations are having a “clearance sale” now to right their books.  One other consideration is that ethanol, which makes up 10% of what you put in your tank, has been dropping in price the past few months.  Looking ahead short term, I think we reset across the board this coming week, in the neighborhood of $2.59.  Longer term, I suspect we’ll be starting our winter price climb this week, as gas prices catch up to oil prices. -EA

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