Comment on the March 17 prediction: Basically CORRECT, as we didn’t see any system-wide price resets, but we also didn’t see any huge drops in prices.
Sunday, March 27, 2022, 9AM: Whether you believe gas prices have shot up in 2022 due to Russia’s war in Ukraine, or that the war is an excuse that oil traders and others are using to ratchet prices higher, the fact is that oil has been over $100 a barrel all month, and there is no obvious relief in site. That is good for investors in Valero and other energy companies, but not good for us, so the best we can do is to keep playing the game.
This week, wholesale oil prices ticked higher again, and so did wholesale gas prices, and it looks like we are hovering around my 0-cent margin price in many places, which means a price reset is coming. The numbers look very much like they did when we got that dramatic hike to $4.25, so the best prediction is that we head back to that price again soon. (I know some stations never left.) They might reach a bit higher, to $4.29, too, but I would be surprised by anything beyond that. Fill up today, and you can find gas below $4, if you plan ahead. -EA
In Chicagoland, a few never dropped from $4.59 3 weeks ago but some are down in the low $4.20s. Looking for a return to $4.59 – or higher Monday.
Lots of $3.70s scattered through central Indiana per Gasbuddy. Road trip savings if along your intended route.