Monday, March 3, 2025, 5 PM: I usually post on Sundays, but I waited until now to see if there was any news about tariffs. Trump announced a few hours ago that 25% tariffs go into effect at midnight.
Meanwhile, driving home, I see that Marathon in Standale is trying again to reset prices, this time to $3.15. Will they finally see a hike embraced broadly, specifically by Speedway? Let’s see …
Why Marathon should win: While wholesale prices dipped a week ago, they are starting to move up again, and many stations have prices posted that are under their cost today. The new tariff on Canada will probably raise wholesale prices. And a hike to $3.15 is mild enough in many places that it may persuade other retailers to follow.
Why Marathon should lose: Probably due to the imminent tariffs, oil prices just hit their low for 2025. As reported last week, Speedway has lost interest in aggressive pricing since Trump was elected.
Here is my plan: Fill up by tomorrow morning, when you find gas under $3. While there is a small chance we’ll see prices drop to $2.49, it is more likely that they’ll reset prices now and see what happens next. -EA
A local station went up 20 cents to $2.89, usually they only go up on their own if they are losing money. Wonder if this means Family Express or Speedway will give it a go.
Last night Family Express started an attempt to $3.19. We will see if Speedway follows.
Consumers could start seeing higher prices for some products fairly quickly, such as gasoline, with some regions expected to see gas prices jump as much as 40 cents per gallon within days, according to GasBuddy energy analyst Patrick De Haan.
“Some U.S. regions will see price impacts rather quickly, while others will see a delay of 1-3 weeks,” De Haan wrote in a March 4 blog post.
Drivers in the Northeast are likely to see the biggest immediate impact, with gas prices jump by between 20 to 40 cents per gallon by mid-March, he added. “For a typical 15-gallon fill-up, that’s an additional $3-$6 every time you visit the pump,” he said.
Other regions are also likely to see higher gas prices, with Midwest drivers seeing an increase of 5-20 cents per gallon and Great Lakes motorists likely to pay about 10-25 cents per gallon more due to the new tariffs, he added.
**Jim & Ed, if this plays out and holds true, what do you think the high bar number at the pump would be …let’s say for the Grand Rapids market?**
•MI Gas tax + tariff increase + annual winter to summer blend increases = overall pricing at the pump to end up where? $3.75, $4.00, $4.25, $4.50
•Sounds like the NE and MW refinery’s are very dependent on heavier, Canadian type of crude?
•Even if there was a “drill baby, drill baby” mindset, wouldn’t that realistically take a year to see some real meaningful price changes at the pump?
$3.15 around Fort Wayne. That is a .30 to .48 jump depending on what side of town you are on.
$3.09/gal today in west Michigan
Looks like Marathon’s hike kind of worked? City I work in that’s in west Michigan, some stations hiked to $2.99 but others still holding
Speedway ended up following in NW Indiana. $3.19.
Speedway has not followed in NE Indiana, oddly. Marathon has come off their $3.15 to $3.09, but lots of stations at $2.69-2.74 still.
And there it is, Ontario Premier Doug Ford throwing out the first pitch with electricity tariffs ……just waiting on the Canadian crude oil tariffs next. Shaping to be a fun summer in Michigan
Ontario will tariff electricity going to MI, 2 other states on Monday, premier says
by: Ashleigh Fields
Posted: Mar 7, 2025 / 05:27 AM EST Updated: Mar 7, 2025 / 05:28 AM EST
(The Hill) — Ontario Premier Doug Ford said three states would face tariffs on electricity after a week of President Trump’s swipes at Canada with fluctuating trade policies.
“I love Americans. It’s been 20 years of my life. But in saying that, no, we’re going to put a 25 percent tariff on electricity coming from Ontario to Michigan, New York and Minnesota,” Ford said during a Thursday appearance on Fox Business Network’s “The Claman Countdown.”
The leader said new tariffs are scheduled to be implemented on Monday in an effort to push back on Trump’s international economic measures.
“And isn’t this a shame? It’s an absolute mess. He’s created chaos. He ran on a mandate. The lower cost, lower inflation, create more jobs. It’s the total opposite,” Ford said.
“You know, people are going to be losing their jobs in the U.S. and in Canada, and inflation is happening already,” he added.
Ford said tariffs will only hurt families on both sides of the border.
“The market is going downhill quicker than the American bobsled team right now, and it’s unacceptable,” he told anchor Liz Claman.
Hike by Speedway to $3.29 in Illinois today. Margins well below expected.
Late afternoon $2.999 spike in Indy area.
$2.999 in South Bend, Speedway decided to match Marathon.
Marathon/Admirals attempting $3.09 today in west Michigan
Speedway going to $3.09 this morning in west Michigan