Prices continue to moderate!

Its definitely been a while since I wrote here updating you all on gasoline prices! As you have all noticed, gas prices have slowly fallen to the $2.80s seen around the area today. Wholesale prices have slowly been falling, we saw a low of about 2.06 last week before a slight rise to today’s 2.0948.

We may see some investors cash out their oil and gasoline profits as the U.S. market fears of a downfall in housing scare folks off. This should cause gasoline prices to fall as well.

We’re still not out of the woods yet- hurricane season is starting to gear up. Today is July 30, and the major part of the hurricane season launches August 1. We’re seeing surface ocean temps in the Gulf running 85-90 degrees, which is definitely hot enough to cause a sneeze to turn into a major storm.

We should see prices slowly fall to the 2.70s, but a hike to 2.99 might occur somewhere here in the near future if prices on the market continue higher.

Midwest PADD storage is at 49.3 million barrels, virtually unchanged from a week ago.

No hike is imminent YET, but keep on the lookout here.

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TV Appearance Marked A Top For Prices

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.

Thanks to BP, let the price hikes begin! $3.59 tomorrow? $4 soon?

Thanks to BP it looks like we’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 I’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!


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Speedway, what are you doing?

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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GR/Michigan Prices start to fall under $3!

Grand Rapids prices have been falling the last few days, and as I stated on a WOODTV8 interview this evening (5pm), I think we’ll see G.R. drop below $3 Tuesday or Wednesday before the DOE Report makes a potential effect on wholesale prices.

The rest of the nation should see prices moderating a good amount as well with gasoline prices closing the distance between diesel, which has averaged far under $3/gallon.

For the locations in the nation that have seen significant price changes since May (Grand Rapids saw 66 cents), they will see the larger decreases than those that only saw slight increases in May. (New Jersey has remained below average with small hikes, so they will see smaller decreases now than Grand Rapids- that has seen a 66 cent hike since early May)

I’ll be watching for the DOE Report Wednesday to look at three MAJOR factors that will effect prices this week and next: refinery utilization, imports of finished gasoline, and gasoline stockpile gain/loss.

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Have a great Memorial Day, get gas before Tuesday!

Hoping you all have a terrific Memorial Day…

A gas price hike is looking likely in Grand Rapids area to perhaps $3.59 or $3.65 (more likely the $3.59) on Tuesday.

For the rest of the nation, prices closed higher again Friday on continued worries about demand. 7/10 Americans polled by AAA said they planned to take to the road, despite the high gas prices.

If you live in Grand Rapids or West Michigan, be sure to be tuned to WOOD AM 1300 tomorrow morning at 7:30am.

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