What Just Happened?

Saturday, June 1, 2013, 8:30AM:  I just got back from my Saturday morning walk, and I got to see the local Speedway implement a rare Saturday hike, to $4.15.  An industry insider tells me that Friday afternoon in Chicago, there was an inexplicable spike in wholesale prices, one that was not matched in other parts of the country.  There were a number of odd end-of-month actions in markets Friday afternoon, including the sudden drop in stock prices from 3:25 to 4:00 PM.  Sometimes these occur due to traders and financiers balancing their books at the end of the month, which probably doesn’t bother them much, but this morning we see concrete consequences of trading-based, as opposed to supply-and-demand-based, volatility.  Journalists and political leaders, if you want to investigate a good example of what is going on with gas prices, here it is! — Ed Aboufadel

Updated: June 1, 2013 — 8:45 am


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  1. This takes the proverbial cake… From “unknown refinery problem” to spike instantly. Meijer sent out their price alert.

    Interesting to remember that such issues never happened even a few years ago…

  2. Greedway finally pulled the trigger in Ohio.
    $3.899. Knew it was coming and cashed in 1000 points at Kroger.
    35 gallons @ $3.49/gallon.

    Suck it, Greedway.

  3. Thankfully, I had filled up on Thursday @ a Kroger showing $3.289, and was able to cash in 200 points, so $3.089. Probably won’t see that again for a while!

    Let’s see, tornado gets to within two states of a refinery..SPIKE ‘EM!

    Squirrel farts outside a refinery..SPIKE ‘EM!

    What next?!

  4. We are officially paying more here in Michigan than Los Angeles. Nice. Guess 3.99 isn’t the line no one dare cross without reason anymore. if/when something truly bad does blow up internationally, expect them to be perfectly comfortable with 50 cent to a buck spikes.

  5. Holy Cow! I can’t get over this unexpected sudden price hike! I haven’t seen prices spike like this since Hurricane Katrina hit the Gulf area. This is total BS! Why can’t a tornado hit the office of the people who are responsible for junk bebaviour like this instead of hitting innocent children and their teachers in Oklahoma? These Benedict Arnold traders wouldn’t be missed by anyone.

  6. I’m going to put on my tinfoil conspiracy hat:

    I bet Greedway works in collusion with the traders/traitors, who manipulate, I mean, work spot prices. I bet Greedway gives them a kick-back, to bid it up.

    And to edit my earlier comment: I paid $2.499 after cashing in 1000 points. Regular price was $3.499. I still extend my middle fingers to Greedway.
    With Kroger offering 2x fuel points (4x on gift cards) every Fri/Sat/Sun in June, I’m already sitting at 550 points, and it’s only June 1st. Have a lot of high school grad parties to go to(and had to get food for ours). Going to be buying a ton of gift cargs

  7. The $4 mark wont last long because MI doesn’t like the $4 mark. It will go back to $3.999 before you know it. This happened less than 2 years where it spiked the 1 day then the next day it went right back down to $3.999.

  8. I wondered what the hell happened too. I just drove from Muncie to Ft Wayne and noticed $3.99 galore. Crazy I tell ya. Indianagasprices.com shows 1 year ago today Indiana average was $3.60, but that’s a distant memory as now it’s $3.95. I guess we’re taking the place of Minnesota now and their recent massive runup??

    Did it sprinkle in Chicago last night lol???

  9. My friend’s basement in Chicago flooded a few days ago. Maybe he’s hosting the BP Whiting Refinery central computer server on his old 386…

    Let’s see if my theory of rolling spikes to keep average yield (i.e. profit) up…

  10. WOW ! Prices blew right through the $3.99 barrier over the weekend ? Most stations along the US 30 corroidor with Greedway again leading the charge are now $4.15. Even our local station here in town is $4.09.

    So long $4, here comes $5 ! You bet your arse they are certainly going to test it in the very near future !

    I have heard no one mention the “start of hurricane” season as excuse #3214 !

    We are at their mercy, the raping and pillaging of the american gas buying pubic continues.

    Rant = OFF ! !

  11. And you should have seen the chaos at the Sam’s Club gas in Kentwood (Grand Rapids) at 3:30 yesterday . . . all the majors had spiked to $4.15 and Sam’s was still holding at $3.71! 8 lanes of pumps and gridlock abounding! There were at least 3 staffers attempting traffic control.

  12. Michigan has the 2nd highest gas average of all 50 states and Indiana the 5th highest because of this BS. Wow, it might be time to move to California lol.

  13. were is the gov. when you need them.?

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