The September Clearance Sale on Gasoline is Almost Over

Comment on the September 19 posting: It wasn’t really a prediction, but the advice made sense. Prices rose in Indiana, but not in Michigan.

Sunday, September 26, 2023, 10:00 AM: On August 10, we saw a depressing hike to $3.99 in Michigan, and nothing since. That hike came after a rally in oil prices that started in late June and has continued through the past week, going from $67 a barrel to over $90. However, as previously noted, gas prices have actually dropped considerably, at least in Michigan (e.g., $3.47 this morning on Lake Michigan Drive), as the more expensive summer blend of gas has been cleared out for the cheaper winter blend.

This dynamic is going to come to an end this week, I predict. $3.39 in Jenison is wonderful, but we are at the point where that’s cheap, given current wholesale prices for the winter blend. Already in Indiana, there was a reset late last week to $3.79, and I am feeling confident that a similar hike is the cards this week in Michigan. $3.69 is most likely, but I’ll say plus-or-minus a dime for the prediction. -EA