Friday, October 9, 2015

WXYZ issues gas price spike warning

I concluded yesterday's driving update by telling my readers that "local gas prices are about to become less cheap."  Here's the source of my information, WXYZ's New warning about gas prices.

There's a new warning that gas prices are going to spike.
Watching that clip promted me to fill up yesterday when I was passing through my old neighborhood.  When  I last drove past the stations, the corner station listed regular for $2.27 and the two stations down the street displayed $2.29 for regular.  This time, the corner station was selling regular for $2.37 and the two stations down the street listed it for $2.33.  It was at one of those that I filled up Pearl.  This tank should see me through until prices fall again.

As WXYZ reported, GasBuddy was the source of the price spike warning.  The site shows the Detroit average for gas at $2.48, so I got gas at quite a discount.  So far, there is no sign of an ongoing increase, as prices have been stable for the past week.

Oil-Price.Net, on the other hand, does indicate some upward pressure on prices in the near future, as it shows WTI closing yesterday at $49.43 and Brent at $53.05.  Both are up from $44.48 and $47.75 respectively during the last report and at their highs for the past 30 days.  In addition, RBOB is selling for $1.41, up from $1.38 at the start of fall.  Those prices are still historically low, but they will slow down the seasonal decrease.  I still expect that to happen, including gas below $2.00 between Halloween and Thanksgiving, but I now forecast that drop closer to Thanksgiving than I would have a month ago.

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