Friday, June 14, 2013, 6:30PM: Good job by those refinery managers a few weeks ago. What, people want to buy gas in the summer to drive? Due to “refinery problems”, retail prices soared to $4.29 recently. Since the beginning of June, though, wholesale prices have dropped something like 80 cents, and if we could reset prices this weekend based on the cost to retailers, we would be looking at gas prices in the $3.45-$3.69 range. Conclusion: prices will drop considerably over the next several days, so don’t rush to fill your tanks. — Ed Aboufadel
Oil/Gasoline Futures
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Why We Are Here
We enjoy predicting and trying to further our knowledge in the gasoline and oil industry. Our ultimate goal is to "win" the game of price hikes and to accurately predict hikes.
Current Contributors:
Ed A.: ab...@gvsu.edu
Craig P.: cr...@paull.net
Tim S.: ts...@gmail.com
Bill E.: pa...@yahoo.com
The name of the site is based off an essay Ed wrote for the Grand Rapids Press titled "The Gas Game". The current website was established later by Patrick DeHaan after he and Ed predicted gas price hikes on GasBuddy's website GrandRapidsGasPrices.com, as well as Ed’s personal web page.
Note: To be precise, add 9/10 of a cent to all prices described on this web page.
Current Contributors:
Ed A.: ab...@gvsu.edu
Craig P.: cr...@paull.net
Tim S.: ts...@gmail.com
Bill E.: pa...@yahoo.com
The name of the site is based off an essay Ed wrote for the Grand Rapids Press titled "The Gas Game". The current website was established later by Patrick DeHaan after he and Ed predicted gas price hikes on GasBuddy's website GrandRapidsGasPrices.com, as well as Ed’s personal web page.
Note: To be precise, add 9/10 of a cent to all prices described on this web page.
3.72 cost today.
Mobil on M44 up here in Rockford/Lake Bella Vista is $3.69 right now. South side of Grand Rapids which is USUALLY the price leader in low prices is still at $4.09.
Thanks Daniel for THAT head’s up!!!
They’ve let us have a respite….what do you think, Ed? Spike this afternoon?
Oil is up to barely over $98 a barrel now.
Prices are now roughly where they should have been the day of/ day following the recent mega spike. We’ve now hit the point where a traditional 30+ cent increase would throw us back into the 4 buck pocket. If they do it again, say, this coming thursday, would that be considered a reasonable indicator they’re going to try to establish 4 dollar-ish as the 2013 ‘summer normal’? Speedway milking MI as their cash cow seems to be the the result no matter what. (Maybe
theres something to the MI/OH ‘war’ concept after all….)
5 years of $3+ prices have gotten us used to expensive gasoline. This is where the environmentalists want it to be, so they can push for the next $. Most people have already cut out as many miles as they reasonably can. For example, in 2007, I drove 13,000 a year, now I barely go over 6,500 miles. So if the price goes up, we are all stuck paying it, and not really cutting the demand, as most of us have already cut what we can, unless we spend thousands upon thousands of dollars in a new hybrid. So there is basically no place to go, but up to $5, the new standard. I hope I an wrong. I like eating, I like subsisting. Don’t want to make a choice like so many already have, pay for groceries, or fill the tank.
It is nice to see that in some areas gas prices are coming down, such as in the Jenison, Hudsonville etc. Sadly there are way too many still charging close to the $4 mark.
Small as it is, there is a penny of good news for Indiana. Currently, Indiana customers are paying 18.3¢ per gallon sales tax.
http://customercenter.murphyoilcorp.com/images/E0224901/January_1_2013_RateChangeNoticetoCustomers.pdf
On July 1, 2013, Indiana’s rate will be 17.7¢ per gallon:
http://www.ai.org/dor/reference/files/dn02.pdf
a drop of an entire 0.6¢ per gallon. On ten gallons, we will be saving all of 6 cents. I’ll take it.
Just my opinion but I think we see gasoline at the $3.50 mark soon and even lower come late summer/fall. Unless some catastrophe happens…we will be awash in fuel and it should only get better…call me an optomist and I AIN’T!
LOL – I’ll try to keep the optimism going [cuz I ain’t either], but, there will ALWAYS be a catastrophe when it comes to gas prices, I fear.
So many squirrels, so little time.
Gas Still $3.99 at home, down to $3.69 near work. dropping pennies per day. This is the third day this week I have driven a different car to fill up near work. I had to buy a gallon of gas at home just to be sure to be able to make it all the way to work to fill up on the cheaper gas.
Same with the Van tomorrow, but now way am I driving the truck on Friday. I may fill up a couple of gas cans to top off the truck, since I have 700 Kroger points. Just debating 25 gallons in the van and 10 in cans, or wait til monday and 15 in the taurus and 20 in cans(for the truck)
ArrowFlinger-
I am no expert, but @ 3.69 w/ your Kroger pts……I would fill up on Thursday before who knows what sends the wrong vibe on the markets and prices shoot up overnight or before the weekend starts. Then you feel like dog puke on Monday when you have to fill up.
If gas prices indeed come down over the next few weeks, I don’t see it below 3.50 until after the July 4th rush. Prices should continue to dip until hurricane season decides to start up (mid August) or when the weather channel gets bored and freaks everyone out in the gulf (ie oil rig production) with “the potential of a forming tropical storm” then the gas prices will jump back up again.
Plus the stock market seems to hold firm (not lose too much ground on slow days) and seems to be gaining ground, along with bank rates creeping up, …those are all signs and indicators in the US and maybe world-wide expecting overall growth, meaning more folks in China and India using up more gas, thus more output needed to sustain the oversea’s consumption and nudging pricing here on the home front.
Again, no expert, but I call’em like I see’em.
Juice
That sucks, ArrowFlinger. I understand. Although my story is not as nasty. I live 15 miles northeast of my place of work in Fort Wayne. I live 6 miles NE of the city limits. The station in my community is one of 5 stations by that retailer chain. He owns about 30 stations in Indiana, and has his own delivery trucks, and has one single “purchase price”. BUT on weekends, my station will be 6 to 10 cents above the Fort Wayne price because he knows that we probably won’t drive the 7 miles to his next closest station. Come Monday afternoon, he will drop his price to about 3 to 5 cents above Fort Wayne (knowing that most of us work in Fort Wayne). So I usually end up driving the other vehicles to work once every week or other to get the better price. I have a 1984 Chevy Van that requires premium gas, and has a 46 gallon tank. It is important to fill it up when gas is cheap. I also mow 2 acres and have all sorts of gas powered power machinery. Six Five gallon tanks that rotate and come with me to work to be filled also, when gas is cheap. Never know when I’ll have to go another week with out power and have to use my generator for that week, like June 30, 2012. Keep buying cheap, it is our only defense.
I’m actually lucky enough to have a station near by house that is 20 cents lower than my work. It’s not always like this but it is right now. I, like many, have cut my consumption down to as minimal as possible though so the savings are minuscule. I’m fortunate enough to live by a Sams Club also for my wife’s car, which takes premium. That is where I get the most savings. I pay $40/year for a membership but I save at least $125/year on fuel.
Well, I’m going to be optimistic that gas will stay down for one more week, then either July 1 or 2, we’re gonna get a spike . . . right before the holiday!!!!
The recent spike on southwest Ohio got me looking on the internet for answers, and I found The Gas Game. Great Website!
We have been hovering around $3.89 to $3.99 since the spike at the end of May. It is now dropping fast. Middletown OH has several stations offering $3.39 for regular while Lebanon OH (a 5 minute drive from Middletown) is still stuck at $3.89.
I bought six gallons at a Speedway in Middletown this morning at $3.49, while the Speedway by my house (10 min drive) is at $3.69.
I wish there was a way our elected “politicians” could put an end to this rampant speculation that is hurting hard working Americans.
For now, the best we can do is watch the Gas Buddy Heat Map and only buy from the stations with the lowest price.
Thanks, Todd!
Look for prices to continue to fall for now.
Todd, the only way to bring this to the notice of your politicians is to connect with them, write to them. more the people will write more they will take note of it. just know that on a 24/7 basis they are occupied by lobbyist who campaign for their own causes and most voters do not connect with their elected official, assuming that they will know their problems and act on it. its like going to a doctor’s office and not telling what is hurting and asking doctor to do a perfect diagnosis and a cure! price gouging is a fact in every sector – if you understand that the price that you are paying for anything is highly inflated then you know there is a gouging happening. how does it happen and stay unnoticed? because lobbyist spend millions to influence our elected politicians to make law in their favor and we who can’t spend more than our votes assume that this lawmaker is busy thinking for us and writing law for us! NO they are thinking about their campaign financing for the next re-election and whatever it takes to re-take our vote when the next election cycle comes. When the goodies bill passes just before election seasons and the same remain stalled post election then understand that we are being played around. and guess what: we are being played around all the time! because we don’t connect with them and make them aware of whats affecting us. the only moment americans gather is when they go for vote but after that they never gather (even the confidence) to connect with the same people they vote. just assuming that all are corrupt doesn’t solve an issue affecting the finances of each american. if you knew they are corrupt simply don’t vote them. why is it that re-electing the same unattending lawmaker is such an addiction that we do not allow new faces with will and zeal to act in our favor to be elected and vanish into the corrupt aisle and re-emerge to be the one who is just like others? so stand up, speak up and write up!
Ed,
You say watch for prices to continue to fall. Do you think we could reach 3.29 before any
price adjustment? I believe that would be a one dollar drop from the high of 4.29.
Your thoughts.
Independent retailer, how is the price drop impacting you? Are you trying not to buy alot because the price is dropping so fast?
Jim,
I’m buying about 2 days supply at a time. I am also the cheapest in about a 30 mile radius. Cost today: 3.36
Akash, A like is in order from me to you…LIKE
TimmP- I should have taken your advice and used my points. I had 701 May points. I stopped at Kroger on the way home to get milk and bought a couple items. I let the couple in line in front of me use my card. Well, its double point weekends this month, so now I have 750 June points. Those have to be used before I can use the May points now because the are more.
Guess the plan is to run it up to a 1000 points this weekend, then buy 35 gallons on Monday, which is what I planned. Dump 20 gallons into to the truck, then buy another 35 gallons on Friday. Add the 4 fill ups from this week, and whatever I did the previous 2 weeks and I am going to have one hell of a credit card bill. My entire July bonus check is going to pay off that credit card bill. Plus I have to drive to Cinci for a baseball tournament and 4 nights hotel just before the statement closing date. To top it off the pool pump crapped out, so there is another expense and extra chemicals cuz now I have an algea bloom to take care of. I better not say the too loud or the stations may use that as an excuse to raise prices.
Daniel G. Thanks for your like. I am humbled.