Comment on the April 17 prediction: CORRECT for a week, and then the retailers got bored last Wednesday and hiked to $3.85 (and in some cases, $3.89). A FROWN for not seeing that hike coming.
Sunday, April 28, 2023, 3 PM: Last week was the second time in two months that we saw a price hike that didn’t seem to fit the wholesale data. This time, though, the hike propagated through Michigan quickly. Here in west Michigan, consumers could quietly celebrate certain neighborhoods that only reset to $3.49, thanks to the ongoing competitive pricing from K&G.
For context, let me repeat what I wrote 11 days ago: “Oil prices have been holding constant at about $85 a barrel so far this month, and consequently, wholesale gas prices have also been holding steady near $2.80 a gallon.” Yet, starting at the end of March, we have had three hikes: $3.69, $3.79, and now $3.85/$3.89. There are no refinery issues or new taxes. Just remember that “because we can” isn’t sustainable. -EA