The prediction I made in Gas prices may be bottoming out came true even faster than I expected.
The corner station is reflecting these trends, with its price going up like a rocket from $3.27 to $3.49, while the three stations down the block are holding steady at $3.27. This situation usually ends with the corner station dropping a lot while the other stations rise a little. By Saturday, I expect all of them to be within a few cents of $3.35.Tuesday evening, the three stations down the street had raised their prices to $3.37, which is definitely "within a few cents of $3.35." Today, I saw the corner station had joined them. Since that price is closer to $3.27 than it is to $3.49, it also fits the pattern of the corner station lowering its price more than the three other neighborhood outlets raising theirs.
The Gasbuddy widget over at Econobrowser shows that the national average price is still stalled at $3.38, while both the Detroit and Michigan averages have finished their rise for now. The Detroit average plateaued at $3.38, while Michigan's hit $3.44 yesterday and is down to $3.43 today. I don't expect gas prices to get any higher during the next week.
Prices may even resume their decline. Both Brent Crude and WTI are down, with Econobrowser showing Brent dropping $1.10 to $109.06 and the Gasbuddy widget graph displaying WTI at or near a low for the month. Reuters reported WTI fell by $1.88 to $101.61 today on the basis of a stronger dollar and increased stocks of oil. I wouldn't be surprised to see gas drop a few cents more by Saturday. I also wouldn't be surprised to see no change, either. I'll keep my readers posted either way.
As for the conclusion to my previous post...
In the meantime, my car's tank is full, but my wife's isn't. Maybe I should top her tank off while gas is still relatively cheap....I didn't bother. If prices are going to drop, then I can wait.
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