Comment on the October 1 prediction: Imagine my shock that, despite a jump in oil prices after last week’s violence in the Middle East, the first time wholesale prices appeared to move at all was Thursday afternoon. So, the prediction was quite WRONG.
Sunday, October 6, 2024, 8 AM: Gas prices in Michigan remain a puzzle, compared to nearly everywhere else west of the Rocky Mountains. As you can see on this map, Michigan and Illinois are the two states with notably higher prices. In Illinois’ case, they have the second highest gas tax in the country (almost equal to California) and gas prices in cities like Chicago tend to be higher for a number of reasons. While Michigan’s gas tax is in the top 10 in the country, Indiana’s is higher and Ohio is 15th, yet their average prices are notably lower than Michigan’s.
Wholesale prices are around $3, and you can find gas for that price in Michigan today (for example, north of Grand Rapids). At the same time, the average price in Michigan is $3.34, and there are some $3.40’s still in Kent County, after that hike to inconsistent hike to $3.55 on September 25. A wide range of retail prices plus upward pressure on wholesale prices is historically a recipe for a price reset, so find some cheaper gas and fill up today if you can.
I will continue to explore this Michigan gas price puzzle. -EA
Hike underway in IL $3.69/3.79. Margins about 15c lower than last hike.
Gasbuddy website 503 error. Haven’t seen any spikes in South Bend IN for awhile besides maybe a few stations.
South Bend IN – Speedway by ND up to $3.29 this afternoon. Next stoplight Speedway $3.39. Costco $2.69. Speedway was $3.09.
$3.39 NW Indiana yesterday led by Family Express.
$3.399 hike in Indianapolis yesterday led by Speedway.
One Marathon on the south end of Grand Rapids went to 3.59 Wednesday. Hike didn’t take. Back to 3.20