EDITED AN EARLIER POST:
Prices are $4.25 @ benchmark in Indiana! GET GAS!
While trees are coming down in Grand Rapids at this hour, I will unfortunately predict that our gas prices will rise. (I’m watching the TV… rain between 6-24″ deep in spots and people are willing to chance HYDRO-LOCKING their engines to get around town? Are people stupid?)
Let’s jump to the market: prices are rising today even with the DOE reporting gasoline stockpiles rose, however, oil inventories *DID* drop more than expected.
Look for $4.29 tomorrow, NOT because of July 4th, but because its like any other situation… prices climbed on the market, they will climb at the pump.
My Indiana benchmark has dropped four cents since my last writing, down to $3.69. Is there some reason their wholesale costs are that much higher than Grand Rapids? The station in question in Indiana is definitely a high volume station, so their wholesale costs would be more appropriate to benchmark against compared to a smaller Indiana retailer, but as I said, we still average a good dime and change over their pricing.
Either they will drop again or we’ll see a rise here in the next couple days…
Stay tuned to WOODTV8 tonight at 5 to hear more, as well as WOODAM1300 tomorrow morning as prices continue to break record highs.
So rumors have been abundant about Speedway canceling its beloved Speedy Rewards program starting January 1. What has changed? I’m not sure. A few posts from GrandRapidsGasPrices.com got me curious- I had yet to hear about anything changing, so I went digging.
Here is what I’ve found so far:
Coupons violate state law mandated by Weights and Measures Department
MID-MICHIGAN (WJRT) —
(12/31/07)–The new year always bris with it change, but this you may
not want. At midnight New Year’s Eve, a popular way to get discounts at
the pump will be no more.
A representative from a local Speedway says the chain will no longer
offer fuel discount redemptions in the form of coupons or receipts.
The coupons violate a state law mandated by the Weights and Measures
Department. But if you use a Speedy Rewards Card at the pump you can
still get a deal on gas.
Speedway says it plans to accept the coupons customers already have until they expire.
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I e-mailed WOODTV to see if they’d pick up the story… more on that later.
Leave a comment and let us know how you feel! This sure isn’t going to help at all!
I feel compelled this evening- not to talk about gasoline prices or even anything related to them- but to blog and ask for you to pray for Tina Hagenbuch and her family as she has slipped away from the grasp of life, delivering new life while sacrificing her own.
Tina passed away expectedly Thursday while giving birth to triplets.
WOODTV 8 is reporting the story out of Grand Rapids this evening, more can be found on their webpage, woodtv.com, or use this direct link:
I briefly took a look at her MySpace page and felt compelled and saddened by the loss of a wife, mother, and to many, a friend.
I have no connection to Tina, but please- pray for her and her family during this time of need, time of questions, and time of sadness.
Saturday, July 14, 2007, 10:15 AM: My appearance on WOOD-TV 8 on Wednesday appears to have coincided with a top for wholesale prices. By that evening, as indicated by postings elsewhere on this site, wholesale prices were starting to head down and then BP started up the unit at its Whiting refinery that was contributing to the recent spike in prices. So, the lesson here is to have me appear on the news as a way to influence the refiners to get their refineries working again. I’m joking, but let’s see where we are at this morning. The Tuesday wholesale price spike has been reversed, but the Tuesday retail hike to $3.39 is still intact, which makes sense, because in my experience, retail prices hikes are usually based on the previous days’ wholesale price. That suggests to me that the 20-cent margin price is near $3.39. Prices are above $3.30 practically everywhere except on Cascade Rd and at the price clubs. So, I predict prices to fall slowly but surely the next few days, perhaps down to $3.19 in several places. Then we’ll see what happens next at the wholesale level.
Wow, its been a while. A few incorrect/correct/odd things going on. I called for a hike a few days ago last week, got a text message from Meijer stating prices were to go up, but then it fizzled and nothing happened!
What is going on with Speedway? They are either losing money (why would they do that NOW?) or have hedged against rising wholesale prices (which is also unlikely considering the circumstances). Speedway could be losing money to boost its public image for being the one to hike all the time, but why now, and why so late?
I’ll be on WOODTV8 at 6/630am tomorrow (Tuesday) and they will be asking me whats going on for July 4. First off, I can’t see any major changes besides the hike I’m still waiting for. I think we should be seeing $3.09-$3.15, but as “Retailer” pointed out, “we’re” all surprised that Speedway hasn’t yet hiked. Its been a long time, prices have been steadily climbing since their bottoming out a week or so ago. We are now about 15 cents higher on the wholesale market while prices continue to nosedive! What is going on? Midwest PADD is OK, its not “great”, but perhaps thats why we’re seeing a discount? Perhaps cheaper ethanol is lowering the price of a gallon? I don’t know for sure, but I AM enjoying the “cheaper” gasoline.
I am still waiting on a price hike which STILL could happen ANY day. I’ve been keeping full for a while.
I’m not exactly sure what to predict, other than prices are overdue to climb due to recent wholesale prices!! Stay full!
(I just have to toot my own horn a little, at the beginning of Spring I was quoted as saying May would be terrible but come June things should settle down to around $2.75, and here we are at $2.75! I don’t think we’ll stay here long, but we’ll see!)
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