Hi everyone, hope you’re enjoying the return to winter weather!
The DOE report that came out today was quite good, even though stocks of crude oil fell by 5 million barrels again. Gasoline inventories rose by nearly 4 million barrels and are near the upper end of the average range for this time of year. Also good news, Midwest PADD jumped to 54.5 million barrels! Is anyone ready for a Chicago discount that could drop us even more?
It seems gas stations are reluctant around here to drop much lower than 2.19. They are enjoying a decent profit, seeing as how their wholesale costs have gone down nearly everyday this week. Is it fair? Who knows. I think it stinks. As I wrote on GRGP.com, I think we will see Grand Rapids drop under $2 in a few days. Absolutely no rush to fill that tank, prices will be coming down even more.
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