I was celebrating the return to the seasonal fall in prices in Corner station challenged to limbo, accepts.
That's where prices remained until Tuesday, when one of the three stations down the street lowered its price to $3.21. Tonight, all four of the neighborhood stations matched it, including the corner station.On Wednesday, one of the stations down the street dropped its price to $3.19, the metro average. By last night, all the stations had matched it. The corner station was still there this morning, when I got half a tank. I should have filled up, as this afternoon it had raised its price for regular to $3.39. However, it shouldn't remain there long, as not only the stations down the street were holding steady at $3.19, but so were several other stations within a three mile radius.
The prices should continue to drop, as the Detroit average listed at Gasbuddy.com is just a hair over $3.19. The local stations are usually not only lower than the metro average, but up to a dime lower. $3.09 within the week, anyone?
As for that prediction of $3.09 by the end of the week, forget it. Both the national and Detroit averages are between $3.24 and $3.25 and still rising. The national trend began on the 19th when the average rose above the $3.21 plateau it had been on for nearly a week, while Detroit's average jumped today from yesterday's $3.18. Michigan's price jump was even more alarming, from $3.19 to $3.31.
What's driving this spike is simple; Brent is up to $111.05, more than $4 up from last Tuesday. I think the neighborhood stations will settle on a price of $3.25-$3.29 by the first half of next week. Back on the rollercoaster we go.