Comment on the April 17 prediction: CORRECT for a week, and then the retailers got bored last Wednesday and hiked to $3.85 (and in some cases, $3.89). A FROWN for not seeing that hike coming.
Sunday, April 28, 2024, 3 PM: Last week was the second time in two months that we saw a price hike that didn’t seem to fit the wholesale data. This time, though, the hike propagated through Michigan quickly. Here in west Michigan, consumers could quietly celebrate certain neighborhoods that only reset to $3.49, thanks to the ongoing competitive pricing from K&G.
For context, let me repeat what I wrote 11 days ago: “Oil prices have been holding constant at about $85 a barrel so far this month, and consequently, wholesale gas prices have also been holding steady near $2.80 a gallon.” Yet, starting at the end of March, we have had three hikes: $3.69, $3.79, and now $3.85/$3.89. There are no refinery issues or new taxes. Just remember that “because we can” isn’t sustainable. -EA
From what I can see, it seems Michigan is being more aggressive with the pricing this year. On the flip side, NW Indiana seems to be a little calmer this year.
South Bend IN – no spike here since 4.18 to 3.79. ND Speedway x2 3.69. SBN avg 3.53. Plenty of 3.39.
Niles MI – just a few miles North I did see some go into 3.80’s though last week. 1 Admiral at 3.89 another at 3.65 currently. WMT 3.52.
Several $3.16 locations in Lafayette Indiana. Nice for the weekly trips to visit the grandkids. Don’t know how much longer it will last.
South Bend IN – 4 stations down to $3.22-$3.23 including Costco & east side WMT. 6 @ $3.29. SBN avg $3.460. 1 ND Speedway down to $3.49 yesterday, the other still $3.59. Toll-Road listed at $3.85 the worst on the SBN GasBuddy site.
$3.599 in Ohio with spot at $2.36. Margin expanding continues.