A good DOE report, good news here, good news there, congress acting… blah blah… prices are falling!

Wholesale gasoline prices, as you can see from the ticker on the left have been taking another beating this afternoon after a quiet morning.

Prices at this hour are down nearly another 11-cents… meaning nationwide price averages definitely should be going under $4 the next week or two! Grand Rapids and the Midwest could easily see $3.60’s soon, some places in Ohio should see under $3.50! This will definitely take time to reach… each day a station waits to replenish its supplies could save it hundreds, perhaps thousands of dollars!

Prices will be slow to come down, but they ARE falling!

The DOE report showed oil supplies dropping by a smaller than expected amount, and gasoline stockpiles rose AGAIN… they are now ABOVE the upper constraint of the average range for this time of year. Demand is way down, demand destruction is rampant and likely permanent. China is feeling extreme pressure to pass yet another price hike on to its gasoline consumers, which would yet another attempt to stifle increasing demand and huge losses from Chinese refiners.

Also, I’m debating making an opinion regarding any new drilling in Alaska (since everyone is making it a huge issue). If you’d be interested in hearing my opinion (from a non-partisan point of view), leave me a comment.

So again, in the mean time, I’d only put minimal amounts of gas in your tank, prices will be going down everyday!

Patrick