When I last reported on the local gasoline market, I observed that the gas price spike was a dead cat bounce. The stations in my old neighborhood were all selling regular for $2.24. I followed that with two entries about the lowest gas prices for Labor Day in 11 years. I then passed along that gas was already below $2 near Grand Rapids and that GasBuddy showed the stations in my former neighborhood all selling regular for $2.19. I never actually saw those prices, but I did see enough to say that they rose and are now falling.
Last Thursday, all the stations in my old stomping grounds were selling regular for $2.37. I decided not to fill up, as I expected prices to fall. They did. Tuesday, the corner station listed regular for $2.27 and the two stations down the street displayed $2.29 for regular. I filled up Pearl at the corner station and not a moment too soon, as the dashboard display said the car had only two miles of gas left. This is exactly where the price should be, as the Detroit average is currently $2.37. That's up from earlier this month, both from the $2.31 just before Labor Day and from the $2.24 on the 16th. Therefore, I don't expect prices to go down this week.
Early next week might be another story. Oil-Price.Net lists yesterday's closes for WTI and Brent at $44.48 and $47.75 respectively, close to the lows for the month so far for both. In addition, RBOB is selling for $1.38, two cents lower than the first week of September. Whatever is driving up the price of gas in Detroit, it's not the wholesale price of fuel. Consequently, I'm still expecting either the price in my old neighborhood or the average price in Detroit to fall below $2.00 between Halloween and Thanksgiving.