In Syria fear premium almost gone, I included my closing thought from Syria fear premium fades some more.
We're still getting there, even if we haven't quite arrived. Yesterday, I saw the the corner station had dropped from $3.55 to $3.49. This morning, as I expected, I saw that the three stations were selling gas at the same price. I suppose they were probably there first, but I wasn't up to walking the three long blocks to find out, as I was coming down with a cold yesterday. Just the same, I don't regret filling up my tank on Friday. I really didn't expect the price to keep falling, as there was--and is--still a chance that the Syria Fear Premium can come roaring back.Here's to hoping the fear premium fades away and prices return to where they were at the start of the last week of August.We're not that lucky, but we're getting there.
Yeah, right. We should be so lucky.
Just the same, I still have no reason to complain about the price. According to Econobrowser, the local price continues to be below the national average of $3.545, the Michigan average of $3.50, and the Detroit average of $3.54. It's also sixteen cents below the expected national average of $3.65 given the current Brent crude price of $112.32, thirty-one cents below Friday's $112.63.
As I remarked on Friday, the national, state, and metro area prices are all below where they were before the latest price spike and the neighborhood prices are only four cents above where they were before the latest price spike began. Those four cents are the only reason I haven't declared the current gas price spike over.