Wholesale gasoline prices nosedive

As of 3pm today, we’re seeing wholesale gasoline prices dive to under $2 for the first time since this past Winter. Much of this can be traced to the recent higher refinery output, the fact we’re in the last weeks of summer, no major hurricane activity, and worries about demand and the economy.

We should see prices continue to come down, although I expect some buying again in the market tomorrow after today’s sell-off. Look for prices to definitely come down into the 2.70s, and if the market stays lower, prices could get as low as the 2.60s!

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