Comment on the August 18 prediction: Are they reading my postings? Prices reset to $3.49 the next day, so the prediction was WRONG. However …
Sunday, August 25, 2024, 7 PM: The gas stations I follow the closest are on my commute to Allendale, and a week ago they were asking $3.46 a gallon. Then, on Monday, we got the “hike” to $3.49 (which I know affected other places a lot more), which did not seem warranted. By Wednesday, the stations were at $3.42, following one station that didn’t add the big three cents for the hike. Oil heading down last week also contributed, and today we are at $3.37, which is still too high if we do our usual calculations. So, I will predict, again, lower prices this week and no hike before the holiday weekend.
Meanwhile, our postings this summer about possible AI-fueled collusion and higher prices have turned out to be prescient, at least as far as real estate rental. Last week, the federal government filed an anti-trust suit against RealPage, the maker of the rent-setting algorithm we have been writing about. If there is something similar for gas prices, or aspirations to have such a software tool, this suit may make a difference. (Or, maybe this has all been my imagination.) -EA
Speedway sites in IL showing a hike to $3.89. The actual wholesale I use is missing for today, but based on my estimate, this represents outrageous margins.
U.S. crude oil jumps 3% on Libya production halt, Israel-Hezbollah attacks