Comment on the November 7 prediction: Prices in Michigan continue to fall … slowly … so the prediction was CORRECT.
Thursday, November 17, 2022, 3PM: Wholesale prices in the Midwest continue to drop like a rock, for a number of reasons. One that we point out each year at this time is a seasonal trend down that almost always happens from Halloween until Christmas. Also, gasoline supplies continue to stabilize, as have oil prices. Maybe we’ll get some good news from Ukraine before the end of the year, too.
So, we should be seeing some significant drops in retail gas prices, especially here in west Michigan. And … we are not. Any price over $4 is basically gouging at this point, as the 0-cent margin price, according to my estimate, is close to $3 even. So, take a look at Allendale ($3.75) or Fuller/Michigan St. in Grand Rapids ($3.71) right now. Another promising place is always Sparta, but Lowell no longer seems to be a hot spot for gas price competition. And don’t get me started about Lake Michigan Drive.
Prediction: prices will continue to fall, at least through the Thanksgiving holiday weekend. And somewhere a gas price war will break out. -EA