When I declared July's fear premium spike is over, I described local gas prices and made a prediction.
As I drove past the stations down the block Thursday morning, they were all at $3.59. By the evening, the station on the corner had joined them.Sure enough, when I walked past the corner station, it was selling regular for $3.49, almost a dime below the Detroit average. Not only did I call the price, the fear premium spike is definitely over.
I haven't looked at the prices today, although I'll walk past the corner station later. I expect to see that the prices have sunk a bit more, as the data at Econobrowser show that the average for metro Detroit is currently at $3.58, and the local stations are usually below that by as much as a dime.
I would post Professor Farnsworth, but because this price is below the expected national average of $3.52 for the current Brent price of $107.17, I expect that we're near a bottom, just like we were at the beginning of the month. The local price is not likely to go much lower, and that's not good news.