Thursday, October 22, 2015

Limbo Kitty returns as prices fall to new post-summer lows

When WXYZ passed along a gas price spike warning, the corner station was selling regular for $2.37 and the two stations down the street listed it for $2.33.  Since then, the price has fallen.  On Thursday of last week, all the stations in my old neighborhood were selling regular for $2.32.  When I drove through my old stomping grounds on Tuesday of this week, all outlets displayed $2.19 for regular.  The price spike is over.

Not only that, but prices have fallen below their previous post-summer low of $2.24 back in September.  I told my readers then to "watch for another return of Limbo Kitty."  Lo, and behold, Limbo Kitty is back!

GasBuddy shows that these prices are still holding.  In addition, the site shows that they are exactly where they should be given the Detroit average of $2.29.  Also, at least one station in the metro area is selling regular at $1.99.  That's not enough for me to say that gas has fallen below $2.00; that would take either the stations in my old neighborhood or the metro average to hit or fall below $2.00.  I'm still expecting that to happen between Halloween and Thanksgiving.  That should happen, as the local average has dropped 15 cents in the past two days and is still falling.

The data from Oil-Price.Net supports a continued price drop, as it shows WTI closing Tuesday at $45.55, five dollars below the $49.43 it was two weeks ago, while and Brent was at $48.71, more than four dollars below the $53.05 of two weeks ago.  In addition, RBOB is selling for $1.28, well below the $1.41 being quoted at the last report.  It looks like I'll be using Limbo Kitty to illustrate quite a few of my entries between now and Christmas.

Stay tuned for a driving update on Pearl.

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