That’s right- you folks with the diesel trucks may FINALLY get to see diesel under $2 again, something maybe you thought (and I) that you wouldn’t see again in your lifetime!
The Pilot station in Burns Harbor, Indiana (about a 1.5-2 hour drive from Grand Rapids) is currently selling diesel at $2.01. Now, you definitely would not drive down there just to get fuel, but if you’re taking a trip to Chicago, fill up there.
I wonder when and if UPS will EVER give up their fuel surcharges now that diesel prices have come down. I highly doubt it, I’m sure they love the extra income it brings!
I don’t see Midwest prices going up anytime soon, in fact- I see a Chicago Discount building in. Midwest PADD storage was at 52.5 million barrels yesterday in the DOE’s weekly report- a GREAT number to be sitting at. Refiners will start having to sell that winter blend fuel at discounted prices once Summer comes closer…
Midwest prices should fall into the $1.70’s. I’ll be watching the market closely, a price hike may happen sooner rather than later.
I’ll be taking vacation to sunny Florida next week, so posting may be lacking.
Gas has fallen to $2.99 at a Speedway station in Stow, Ohio today! If you’d like to buy gas there, you will have to spend quite a bit to do so. It’s roughly a five hour trip from West Michigan to Stow.
However, the downward trend should continue as the Midwest tries to break free of the huge 40.75-cent premium we’ve been seeing over the prices based on New York delivery. Chicago gasoline (what we use as a benchmark) has been trading at a 5-day average of $2.70 and change, justifying the prices we’re seeing locally. I am worried that any day we see prices trade higher could lead to a small “price reset” (to maintain margin) as some stations dive under $3.50.
To compare to my benchmark in Burns Harbor, IN, the price there is $3.55, so we may see a small hike if stations continue to drop prices at this rate (a few cents per day).
The cheapest gasoline stations I can find in the nation come in at $2.919 per gallon at a Pilot and $2.899 at a Flying J in Oklahoma City, OK (I’ve been at the Pilot station!)
In other news, it looks like the gasoline shortages are now just confined to areas around Georgia. Good news there are refiners continue to resume their operations.
Prices should trickle down everywhere all weekend, but check back in Sunday night for the odds of any hike.
Just a quick note: diesel consumers can now find diesel fuel for $3.99/gal in Burns Harbor, Indiana. After nearing $5/gallon, I’m sure consumers of the fuel are a breathing a sigh of relief. This should greatly help trucking companies, especially the smaller operations.
Gas prices in the Grand Rapids area should remain steady around $3.80s-$3.90s for the time being.
Thanks to BP it looks like weâ€™re going to be seeing huge increases again in the Midwest.
For those who reside in Grand Rapids, be sure to tune in tomorrow morning at 8:30am to WOOD AM RADIO 1300 for an interview on gasoline prices.
Prices at my benchmark station in Burns Harbor have risen from $3.14
this morning to $3.38 this afternoon.
Not much new information right now, but this BP refinery is, as Iâ€™ve said, the largest in the Midwest.
Everyone in the Midwest will be effected, possibly the entire nation. Prices will continue to climb OUTSIDE the Midwest, but look for Midwest (Michigan/Minnesota/Indiana/Ohio/Illinois) to skyrocket quickly.
Today here in Grand Rapids, Speedway hiked to 3.39, but I am now thinking that a re-hike to $3.59 is likely tomorrow!
KEEP AN EYE OUT!
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Prices have dropped 6 cents overnight at my “benchmark” station in Burns Harbor, Indiana.
Does that mean no hike today? It should… I will be awaiting the DOE report at 10:30am and will have a full report after.
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