Comment on the November 8 prediction: Almost CORRECT, as retail gas prices continue to fall, but today was the first day where gas was below $3 somewhere in the Grand Rapids area.
Saturday, November 18, 2023, 3:00 PM: We are getting close to Thanksgiving, a good time to look back over the past year with The Gas Game. After gas price chaos in 2020-2022, including negative futures prices for oil at the beginning of the pandemic, and an inflation-sparking price shock the first few months of the Ukraine war, 2023 actually looks like it has been kind of normal. We started the year a bit above $3 a gallon here in west Michigan, watched prices slowly work their way up to $3.99 by early August, and now we are back to a bit above $3 a gallon. That is what a normal year looks like.
So, what’s left for 2023? If we continue to follow the script, prices should find their low for the year in December. A reasonable guess is something in the $2.80’s or $2.90’s. We might get a price hike along the way, although it looks unlikely this holiday week. -EA