Grand Rapids Gas Price Warning Update for August 24, 2005:
Hello, everyone!
We’ve seen a nice slow fall to around 2.50 area, but I am sad to predict a rise/refresh tomorrow to probably $2.69 or so. I hope I’m wrong, but I’m not 100% sure either, however, at this time (2pm EDT) wholesale costs have risen due to a hurricane threat to the Gulf area, even though inventories of crude rose 2 million barrels last week, against a prediction by most of a drop. Crude oil inventories REMAIN “WELL ABOVE” the upper end range of the five year average, meaning there is a LOT of *CRUDE OIL*. This does not mean gas prices are cheap, it simply means that refineries are having a tough time making enough gasoline fast enough.
With the summer driving season coming to a close, I am expecting a sharp drop in the price at the pump, and hopefully this will give refineries the chance to get the gasoline inventories boosted up (gas inventories are currently well below the five year average).
Fill up TODAY, and don’t wait to see if I’m right!