Tuesday, August 24, 2004

I’m back after a trip to Rhode Island, followed by some minor surgery on my nasal passages. While recovering last week, I spent a lot of time watching CNBC and their obsession with the price of oil. It looked to hit $50, but has since backed off to $45.50. Consistent with what I’ve been observing, wholesale and retail gasoline prices have not soared the same way, and it seems that it is the refineries, and maybe the retailers, that are having their profits cut. We’ll assume this will continue for the time being. So, regarding gas prices in Grand Rapids, with the 20-cent margin price (with no Chicago Summer Premium) currently at about $1.96, with $1.85 being the cheapest price in town, and with futures prices falling this week, expect no price hike. There was no price hike last week. CORRECT!