Comment on Monday’s prediction: This prediction was as WRONG as the day is long. On Friday, you could buy gas for $2.31 a gallon.
Friday, September 8, 2006, 2:15 PM: Since my post on Labor Day, wholesale price have fallen another 11 cents, so, of course there was no price hike. Instead, we’re going to see prices below $2.29 somethere this weekend, which would be 90 cents lower than on August 3. What is going on in the energy markets? Theories are that the speculators have been driven away, or the US economy is falling into a recession. Whatever the reason, prices should continue dropping. I don’t know how we’ll get a price hike until NYMEX prices stop falling and start rising again, but when that happens, it could be quick (such as a 10-cent increase in NYMEX one day, followed by a price hike the next day). We’ll stay vigilant.