What to Blame for the Next Hike? Not What You Might Expect

Sunday, May 9, 2021, 11AM: You may have heard that a ransomware attack has led to the shutdown of a gasoline pipeline that brings fuel from the Gulf of Mexico area to the East Coast. The shutdown shouldn’t affect Midwest markets, but you never know. There is a second issue that has emerged, though, that could lead to a hike this week above $3. Ethanol prices have been soaring, up more than 20% in a week, and ethanol makes up 10% of what you put in your tank. A spike in ethanol prices leading to a price hike seems to happen once a year, and it appears to be in the works for this coming week. So, I would fill up in the $2.70’s when you can, and watch for $3+ gasoline this week. -EA

Updated: May 9, 2021 — 11:20 am

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  1. Have you heard the story that they are short of delivery drivers and that also may cause prices to go up as the summer driving season kicks in?

  2. $3.29 in Chicagoland today with some $3.35 in Cook County.

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