Price hike or price collapse?

Wednesday, January 16, 2008, 4:30 PM:  At the beginning of the month, oil hit $100 a barrel and the S&P 500 was trading at 1468.  Today, oil is down 10%, and the S&P is about 100 points lower, with recession fears among traders of both oil and stocks.  So, wholesale gas prices have been dropping nicely, and based on the close today, we have a retail range of $2.85 to $3.05.  Given this, Speedway might hike tomorrow to $3.05, but I doubt it.  Price hikes usually don’t occur during quick wholesale drops.  So, the prediction is no price hike until at least Monday.

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