Comment on the December 3 prediction: Soon after the prediction, prices rose to $3.49 in Indiana, $3.55 in Michigan. CORRECT.
Friday, December 14, 2012, 8:00AM: I was planning to post on Wednesday night, but then I updated my spreadsheet and the Chicago CBOB spot was quoted down 17 cents from Tuesday. Since nothing else on Wednesday night (price of oil, other wholesale gas quotes) were consistent with this drop, I thought that Bloomberg might have an error with their quote. But, last night the quote was still at that level, so I have to conclude that the cost to retailers has dropped again this week, to about $2.92 here in West Michigan. Although the lowest price in the Grand Rapids area being $3.11 this morning (on Fuller St.), now we can easily drop below $3 at some places in the area, and that’s my prediction for Monday or Tuesday. Thinking ahead the next four to six weeks, gas prices are usually the lowest of the year around Christmas, so enjoy these prices while we can. –Ed Aboufadel
If Greedway keeps to the spot-plus-95 cent spikes in Ohio, we should see another one, to $3.499.
On a high mileage car I can see an MPG difference between E10 and E0, and in general Eanything is not good for the engine (turbocharged cars at least)… Not to mention the higher prices we pay for food due to corn being diverted to ethanol.
If we were like Brazil and could make our own I have no problem with it, but in the US at least we have ample proof that we could make gasoline out of turnips and dandellions and we’d still be paying whatever it is we’re paying.
E85 and diesel are living proof that Big Oil has a price in mind for a mile of travel, whether by gasoline, diesel, ethanol, or horse. I want to be alive in 20 years when we add electricity to the mix and Big Oil has ‘transformed’ itself into Big Energy (by buying out utilities) and charging EV’s pretty much what it would cost per mile for gasoline, for their electricity (right now the difference in price is quite substantial in most places. Here in Indy it’s probably 3 to 1 (gas vs juice).