Cross Currents

Comment on the September 14 prediction: Pretty much CORRECT, although the attack on the Saudi oil led to $2.79 instead of $2.69.

Sunday, September 22, 2019, 3PM: A lot of cross-currents right now when it comes to predicting gas prices. We have new, growing tensions in the Middle East. Recall from more than a decade ago how war there led to $4 gas. On the other hand, we are at the end of the summer, which historically is a time for retail prices to drop, now until Christmas. Put it together, and despite the hike to $2.79 a week ago, we are still hovering around $2.69 in most places. Based on Friday’s market, prices could drop to around $2.55 until we get another hike. Best guess right now is that prices drop slowly until Wednesday or Thursday, and then there is a reset. -EA

Updated: September 22, 2019 — 3:07 pm

17 Comments

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  1. If ME tensions continue to escalate, prices might go up a little — but not nearly as much as they used to. We are now net EXPORTERS of oil, and we’ve finally made great strides toward energy independence.

    Think about it: There was a significant attack on the oil industry of one of the world’s premiere oil producers — and average US gas prices barely blipped upward.

    This is why these things matter. Energy independence is a good thing.

  2. “barely blipped upward”. Maybe on a national level, but Speedway didn’t hesitate to jump 25 cents that Monday.
    Also, SA had 75% of that lost capacity as of yesterday.

  3. Yeah Chris, they got to make up for that price fixing settlement in Kentucky.

  4. So if there was barely a blip upwards, why did gas “blip upward” by .42 here, and has only dropped a dime since then?

  5. big price drop some areas NW ohio ..2.799 yesterday morning 2.619 this.Prices coming back into line, or gearing up for an even bigger spike?

  6. Indy area spiking to $2.599.

  7. A rare Friday hike either to 2.59 or 2.69 in Indy. Some stations holding at their current price, though. Seems to be a Speedway-led spike. Will be interested to see if this one sticks around.

  8. Expecting Michigan to get a Saturday spike, since we made it past the usual tue-thur ‘adjustment’ Lowest in Flint 2.33 as of this am. Time to use those Kroger points.

  9. 2.75 in Kazoo area today, by none other that our old Greedway friends

  10. Same here in AA/Ypsi, Mike. Gas Buddy shows a reset to $2.75. At this point only three Speedways have moved but I expect a few more will follow. I filled up yesterday at $2.34.

  11. Indy Speedway spike to $2.599.

  12. cant help noticing a spike to 2.799 in some areas of NW Ohio this morning..other areas still around 2.50 though.Looking back to last year this time oil was $70 plus a barrel and gas was around $2.80. with this spike oil is $52 a barrel and gas is…..$2.80
    some fat bonus for the speedway execs coming this year..maintaining that 50c a gallon margin (10c reflected in the Ohio gas tax hike of course since July)

  13. Look out…gas refinery problems in California. A new reason for Greedway to raise our prices here in the Michigan…

  14. $2.759 in sw Ohio, even though we are already nearly $1 over spot, on average.

  15. well 2.799 became 2.599 again this morning..guess that one did not stick !!

  16. The rare double spike in Fort Wayne this week. 20 cents on Monday and add another dime yesterday. Oil must be really jumping….????

  17. Gotta love the continuing failure of Speedway’s spikes around sw Ohio. Filled up for $2.369 Saturday night. So much for $2.759.

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