Comment on the November 14 prediction: Nope, no hike last week. The prediction was CORRECT.
Monday, November 22, 2021, 5PM: I started the day hearing about the Biden administration releasing oil from the strategic reserve, and then this afternoon, I saw prices as low as $2.95 a gallon along Michigan Avenue in downtown Grand Rapids. In a way, these two observations are not related. The under-$3 prices followed from a nice drop in oil prices last week, from $84 a barrel to $76, as the market reacted to rumors that this oil release was going to happen, as well as action from China to get prices to go down. With today’s Biden news, energy prices actually went up. But, not enough to make a difference going into Thanksgiving. You should look for prices under $3 to fill up. Get with the program, Standale! -EA
Don’t look now but crude is under $70. Hope we see some of this at the pump.
28c slide in NYMEX January RBOB futures today!