Oil companies might have two excuses for raising prices at the pumps soon. Fill up now, if you can, or get ready to pay more for your next tank of gas. Hit read more to find out why, and how high they might go.
Did you have travel plans for the Labor Day holiday weekend? You're going to need to dig a little deeper into your pocket, thanks to a gas price spike just in time for the last big travel weekend of summer.
If you've been travelling for your summer vacation already, you've probably noticed a positive trend. The price of gasoline has been steadily going down. Crude oil prices have been declining for the better part of 8 months, and the price of unleaded gas has followed.
8 months ago, the price of a barrel of crude oil was selling on the commodities market for around $140. Today, the price of that same barrel of oil is just a little above $81. So why are prices at the pump not falling in proportion to the price of oil?
A good friend of mine just returned from a trip to Alabama. On his journey, he found gas prices as low as $3.12 a gallon for unleaded. The highest price he paid? In Michigan, of course. Local gas prices took a 30 cent hike again today despite wholesale prices that continue to fall.
Gas stations in mid-Michigan raised their prices for the Memorial Day holiday weekend on Tuesday this year, catching most of us by surprise. This despite the fact that wholesale prices for crude oil and unleaded gasoline have continued to decline.
Economic forecasters were calling for gas prices above $5 a gallon by Memorial Day. Turns out that economic forecasters share an important trait with weather forecasters. That trait being that they are wrong more often than they are willing to admit. In this case, it's a good thing.