Comment on the October 29 posting: That wasn’t really a prediction, either, but prices did rise to $3.49 on November 2.
Wednesday, November 8, 2023, 2:00 PM: That hike last week to $3.49 was ten cents above what I had suggested. You can tell when the retailers are reaching by how the price hike plays out. The evening of Wednesday, November 1, I saw one of the first jumps to $3.49 at the Marathon in Standale. None of the other stations on our near Lake Michigan Drive followed suit until around lunchtime on Thursday and elsewhere in west Michigan, some stations kept their prices in the $3.20’s, all signals that $3.49 was too high.
And today, $3.49 is way too high. Oil prices have dropped to $75 a barrel this afternoon, and that will push wholesale gas prices into the $2.80’s very soon. Retail prices will feel gravity’s pull, so if you can wait a few days, you should be able to buy gas for $2.99 in selected locations. Skip those $3.49’s if you can! -EA