Month: August 2019

Will Iranian tensions keep gas prices up? IDK.

Comment on the August 11 prediction: Almost CORRECT, as prices rose on August 12, but higher than I had predicted.

Sunday, August 18, 2019, 9:30AM: Based on Friday’s prices in the energy market, we have room to go lower in retail prices. The cheapest I can find near Grand Rapids right now is $2.51 (ignoring the Costco/Sam’s Club discounted prices), but we could easily be in the $2.30’s. The fly in the ointment is the ongoing tension with Iran, such as the oil tanker near Gibraltar this weekend. (Looking back at 21st century gas prices, the highest prices ($4+ a gallon) correlated with tension or war in the Middle East.) Nevertheless, I am going to hold off filling up this week until I have to, looking for cheaper prices.

In other news, look who settled a gas gouging lawsuit in Kentucky this summer. -EA

Higher Tariffs, Lower Gas Prices

Comment on the July 22 prediction: Absolutely CORRECT, as prices rose to $2.89 in Michigan on 7/24.

Sunday, August 11, 2019, 7:00PM: We’ve been enjoying declining prices, after the latest in Trump’s China Tariffs “War” sparked a decline in stocks and energy (and soaring gold prices). But, the decline stabilized at the end of last week. Using a Chicago CBOB price of $1.67 a gallon leads to an RBOB estimate of $1.71 and a price hike trigger of $2.33 or so. We are below that price in a variety of places in west Michigan, setting up a hike this week — $2.65? Maybe less than that. -EA

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