Today’s sneaky price hike was the result of a poor DOE report that showed gasoline stockpiles posting a surprising loss of 3.5mb when they were “expected” to rise marginally by 500,000 barrels.
The market yesterday was up 14-cents per gallon. It’s a weak excuse to rise prices, as only stations that bought gasoline today and late last night would be effected, but I guess they’ll try anything.
Prices on the market today are down, as I expected after a large rise Wednesday. We shouldn’t see stations that raised prices hold on long, I expect prices to drop down to the $3.70’s this weekend. I just hope the market hasn’t lost what we were enjoying… a decent size sell-off.
For now, shop around. Some stations didn’t even raise prices, perhaps because they didn’t need fuel, but even the stations that did hike shouldn’t hold out long. We’ll see prices continue their way down.
PS- Benchmark station in Indiana just jumped 20 cents from $3.69 to $3.89…wowzers!