Comment on the July 7 prediction: CORRECT, as prices rose to $3.09 on July 10.
Sunday, July 22, 2018, 9AM: Since July 10, we’ve seen the kind of price reset DOWN that we treasure, with prices at $2.69 or lower in several areas of Grand Rapids this morning. So, what’s happening this month? Oil prices dropped 8% and NYMEX gas followed with a 16 cent drop. In fact, other commodities have been weak, too, such as gold. All this is probably connected to a strengthening dollar and higher interest rates.
So, what’s the plan for gasoline this coming week? Think of $2.69 as a clearance sale price by the retailers, and the moment that we get an uptick in wholesale prices, retail will follow with a price hike. That should happen this week, and it looks like $2.99 could be the new price. -EA