The wild ride on Wall Street - the Dow finished up more than 100 points on Friday - affected the price of oil, which fell to around $86 per barrel.Strictly speaking, a barrel of West Texas Intermediate (WTI) didn't fall directly to $86 from over $90. On Tuesday, WTI closed at a ten-month low of $79.30 after hitting an intraday low of $75.71. Friday, WTI closed at $85.38 a barrel. While this was down $0.34 (0.4%) from the day before, this is still a rise of more than $5.00 since Wednesday's close and $10.00 from the Wednesday intraday low.
On the other hand, it is a drop from Friday to Friday, as WTI dropped $1.50 (1.73%) from its $86.88 close on August 5, making it the third consecutive week of dropping weekly prices.
As for the price here, when I last checked on Thursday, the corner gas station was selling unleaded regular at $3.49. I'll go look after I post this entry to see if it has risen since then.
UPDATE: Unleaded regular is $3.65 at the corner station. Looks like I should have filled up Thursday.
Finally, Stuart Staniford at Early Warning has this very handy graph up of the relationship between crude prices and retail regular gas prices.
According to this graph, retail regular gasoline should be no more than $3.25 a gallon when WTI is $85 a barrel. Let's see if gas prices get there, including in Grand Rapids, where they shouldn't be so high right now.