Comment on Wednesday’s posting: AXXIS jumped 15 cents from Wednesday to Thursday, so we got a price hike on Friday to $3.35. My prediction was WRONG.
Friday, March 7, 2008, 12:45 PM: On Wednesday, I asked, “Isn’t the annual March ramp of gas prices coming soon?” Looks like it has started today! At about 9AM this morning, I exited off I-196 West at 28th Street, and saw the Shell there at 28th and Wilson had the new $3.35 price, while the BP across the street was still at $3.12. You know what I did — my tank is full of $3.12 gasoline. Looking ahead, AXXIS is up another 9 cents today, and the difference between NYMEX and AXXIS has been pretty much eliminated within the past 36 hours. Another price hike on Monday? I don’t know.