Oil Over $100 Doesn’t Help Gas Prices

Oil Over $100 Doesn’t Help Gas Prices

Comment on the September 7 prediction: On Tuesday, prices rose even higher than expected, to $4.39, although some stations in west Michigan turned the dial for a day to $4.49. Basically CORRECT! Diesel jumped to $6.29 here in Michigan.

Sunday, September 13, 2026, 9 PM: Another Sunday night, another attempt to make sense of the latest news from the Middle East and its potential effect on gas prices here. Oil spiked 10% last week, to over $100 a barrel, and it doesn’t look like any Iran-based relief is in sight, as I write this. A hike to $4.49 is justified by the math, but would they go higher to $4.59? Either way, I’ll make a prediction that another reset is coming this week. -EA

8 thoughts on “Oil Over $100 Doesn’t Help Gas Prices”

  1. ExxonMobil’s 275,000 barrel per day Joliet oil refinery in Illinois has suffered a “total power outage,” with heavy black smoke from emergency flaring visible for miles, as US diesel sits at a record $6.20 a gallon, per GasBuddy.
    A total power outage at a refinery this size is highly unusual. It forces an emergency shutdown of every unit at once, with the crude and intermediates in the system flared off, which is the smoke. BP’s Whiting refinery in Indiana, the largest in the Midwest, is already partially down for maintenance, putting pressure on Great Lakes gasoline and diesel supply. Up to $4.79 in Illinois

  2. It looks like $4.49-$4.59 might be popping up in mid-Michigan, but I haven’t been paying attention. It could have been in that range for days and I wouldn’t have noticed.

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