Monday, August 1, 2005

Friday’s price hike has fizzled out in a lot of places, with current prices ranging from $2.17 to $2.39 in Grand Rapids. The trend in the futures prices continues to be higher, though, with oil and gasoline futures on the verge of breaking new records today. This cannot be good for us, and I predict we’ll get a price hike this week in the neighborhood of our record high of $2.49 a gallon. I fear this one will stick, too. There were two price hikes last week (to $2.39 on Tuesday and to $2.45 on Thursday). Everyone did the first one, and many did the second. Although my prediction wasn’t perfect, it was essentially CORRECT.