Comment on the July 22 prediction: My prediction that prices would keep falling, was CORRECT.
Monday, July 29, 2013, 9:00PM: Retail prices have been going down, down, down, but wholesale prices are steady, and we’ve reached the point where they are going to push the Big Red price re-set button. Expecting a hike on Tuesday, with a new price in the neighborhood of $3.79. –Ed Aboufadel
Filled up for $3.61 in downtown Grand Rapids.
Once again, you are correct sir… just starting to go up to 3.79 in Kalamazoo area
$3.659 in Ohio
$3.79 in and surrounding Grand Rapids.
$3.759 here in Fort Wayne. Led by…. Lassus Handy Dandy stations. Lots of the same colors as BP, but not related.
3.79 in parts of Flint, 3.22 in others. Til midnite anyway.
The local Greedway near home jacked it up from $3.49 to $3.75 while the Pilot’s are still holding steady at $3.49. Could be one of those spikes where Greedway jumps and the others don’t follow. WTI Crude down nearly $1.50 today and Chicago Spot still looks flat.
I’m currently working in the St Louis area and prices are trickling down. Several stations down in the low $3.30’s. Oh these non-Greedway states have it made!!
Most of the Greedway thieves are now at $3.90 along the Route 30 corridor. I-65 to Illinois line. There sure is a lot of greed out there !
Loooks like $4 is the ‘magic’ price they want us to pay ! Any excuse will do ! The sky is blue !
$4.
Waiting for the next spike, maybe $4.09 ??
Cheers !
Lucked out and managed to find a lone Marathon selling at $3.42 on Tuesday evening. Filled up for sure!
Looks like the Chicago market has gotten totally out of synch, Our last hike was 7/15 and we are nowhere near the threat of another,
I don’t care for Speedway, but the whole “greed” thing is beyond silly. It’s probably the single most overused buzzword of the decade.
Profit is not the same thing as greed.
about when does the crude price per barrel starts to affect the gas price per gallon? in other words, whatever is the crude price per barrel ends up in today’s commodities market (July 31st, 2013), when does that impact the price at the pump? how may days? It generally indicates the date on the trading day for lets say: September 30th, 2013 for the trades made on July31st, 2013. Does it mean that whatever price the crude ends on July 31st, 2013, its impact on gas station will be realized on September 31st, 2013? Please help me understand this math. Thanks, Skyler.
Skyler: My own formula is based on observation, and strictly anecdotal. With no other things happening like flying squirrels, or other interruptions, when crude goes up, for a couple days in a row, I can usually count on seeing that at the pump in about a week. When crude goes down for a couple days in a row, I don’t see anything for 14 to 20 days. Go figure.
I understand your desire reasonable tone Ren, but at no time in the last hundred or so years, have profit and greed been so inextricably tangled in American business, as they are in the last decade. The petro fuel business seems to have become a de facto laboratory for speculators working to devise a bubble proof system. Its too big a game for them to let go of….
-At least until they move on to something even more essential, like fresh water.
And don’t doubt it, that is coming too. (tin foil hat time) why else is all the fracking / ground water contamination being allowed to happen? creating a future shortage commodity. ( hope I’m wrong.)
As Stimpy said many times, “Ren, you idiot!” 🙂
I agree with Ocho. First oil, next is H2O. The scary thing it is ALREADY being corporatized. See the documentary Flow (2008) as a starter….
WTI Crude has shot up over $5 dollars a barrel since yesterday morning. Hopefully Chicago Spot holds steady. If not we’ll see another big spike by Monday.
TimmP thanks for the formula. I figured out that when the prices falls g…r…a..d..u…a..l..l..y then it is the “profit formula” and when the prices spike quickly then that’s the “greed formula.”
1 to 2 cent per day drop last few days running. Flirting with 3.50, but not touching it. Betting Thursday spike…. Any takers?
Dang, Ocho, With projected costs to stations in the $3.52 range, the margins are getting thin here in Fort Wayne. With stations close to my work are in the mid $3.40’s. Most are still in the mid $3.50s. Friday spike? Or are they (stations) finding cheaper wholesale fuel? Or possibly waiting till next Tuesday?
I’m not the expert here, but I sure expected a spike by now.
so the profit formula is running dry……! time to kick in the greed formula. expect spike in 24 hrs.
Some stations in Fort Wayne lowered their prices by more than 10 cents yesterday afternoon. Advertising $3.38 and under. With zero margin at approx $3.50. I was able to fill up for $3.29 at a Rickers. BTW….Chanel 15 news crew seen filling their remote at a Greedway yesterday. Very disappointing. Especially when a Shell/Kroger/CircleK across the street was the same price.
Here it comes……you are going to be wondering, wow, this never happens…ready?
Chicago Gasoline Gains After Kentucky Refinery Power Failure
http://www.bloomberg.com/news/2013-08-09/chicago-gasoline-gains-after-kentucky-refinery-power-failure.html?cmpid=yhoo
Just amazes me how the so called people that are suppose to be helping us just look the other way.
Looks like a spike in progress. New price 3.65