Comment on the March 8 easy prediction: CORRECT — we are under $2 a gallon.
Wednesday, March 18, 2020, 7:30PM: The crash in oil prices has been brutal and severe: from nearly $54 a barrel on February 20 to about $20 today. Two reasons: the Russian/Saudi oil price war, and, of course, the coronavirus pandemic bringing the world economy to a crawl. Gas prices, at least in west Michigan, are still based on the last hike on February 18 ($2.55), and they have a lot of room to fall, like down to $1.29-$1.39 if wholesale prices stay put. So, another easy prediction is to expect lower prices.
Diesel, though, I don’t know. At my target station on Lake Michigan Drive, it has been stuck at $2.65 since February 18. In a Reuters analysis today, “Gasoline prices have fallen further than diesel prices, in the expectation that fewer drivers will be on the roads even if truck deliveries continue.” That’s not convincing — maybe we will wake up soon to see diesel prices have dropped close to $2. -EA