Comment on the July 19 prediction: Prices rose twice last week, to $2.45 on 7/21 and then to $2.55 on 7/23. Take the average, and you pretty much have my CORRECT prediction.
Thursday, July 30, 2009, 4:00PM: Uh oh. NYMEX gas prices are up 13 cents a gallon today! Using my formula, a price re-set would be in the range of $2.59-$2.64. I expect this will be the new price on Friday. — Ed Aboufadel
I simply do not understand the need for another price increase. The price at the pump went up twice last week from $2.25 a gallon to $2.49 and then went down only a nickle to 7 cents during the course of this week. Meanwhile the cost of a barrel of oil has been going down steadily this week by at least $3, though I do not know what has gone on today at the exchange. I don’t see the need for another price increase, especially since thousands of gas guzzlers have been taken off the road with the Cash for Clunkers program nationwide. It totally seems like we are being gouged again here in Michigan, the state that can afford it the least!!