Tuesday, January 13, 2015

Limbo Kitty returns as the bar is lowered to $1.75

The prediction I made at the end of All stations retreat in gas price war came true in less than 24 hours.
Gas might have just a little way down to go before heading up again.  Gas Buddy suggests that's possible, too, as the Detroit average is $1.85.  I suppose the stations in my old neighborhood could drop down to $1.75, but lower than that would be pushing it.
I drove past all the stations in my old neighborhood late yesterday and all three stations down the street had lowered their price for regular to $1.75.  Go me.  The corner station was still at $1.79, but I expect them to join the rest shortly.

As for more price drops, I think the answer is not yet.  Gas Buddy's Detroit average is currently $1.84.  It would have to decrease a few more cents over the course of this week to prompt another move down.  That could happen, as both major crude oil futures plummeted in Monday's trading according to Oil-Price.Net, which shows WTI at $46.07 and Brent at $47.43, falls of 4.97% and 5.65%, respectively.  That's already had an effect on RBOB, the spot price of which slid down to $1.27, a nickel lower than on Friday.  Looks like I may still get to use Limbo Kitty a few more times before the seasonal price increase returns later this winter.

ETA: For those keeping track, the U.S. average price for regular is now $2.12 and falling.  $2.00 gas, here we come!

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