Sunday, January 5, 2025, 9 AM: Happy New Year! We are back, and since this is January, seasonal patterns suggest we are going to see gas prices move higher from now until May or June. If so, it looks like we bottomed out right after Thanksgiving in 2024, a bit earlier than usual.
New year’s action in the oil futures market saw a bit of a spike last week, from $70 to $74 a barrel. That should start to affect wholesale gasoline prices, and then retail prices. Also, here in Michigan, the gas tax is a bit higher: 31 cents a gallon vs. 30 cents in 2024.
There was a price reset right before New Years, though, so retail prices already have healthy margins cooked in. Nevertheless, we could see a further jump to $3.39 a gallon this week. That’s a prediction. -EA
Starting to see diesel prices below gasoline prices in parts of Ohio, at least. Seems normal. Nothing funny going on with gas prices in the Great Lakes region, right? Friend posted a pic of being snowed in in Missouri. Diesel is higher than gasoline there…by nearly $1. Of course gasoline is only $2.67 there, so must be the taxes, right?
Tame hike in IL today $3.39/3.49.
Seeing some prices in Ohio, starting with a “2”. Time for a hike.
Looks like Family Express is attempting $3.29 in NW Indiana.
Yesterday, another price reset to $3,299 in SW Ohio.