With the weekend quickly approaching, how about a weekend gasoline price forecast? This one isn't too difficult, unfortunately, for a number of reasons. Oil is trading higher, there are some signs that continue to point to a broad recovery in the United States (although how fast is anyone's best guess), and summer is nearing.
A handful of states in the Midwest already saw their prices jump, although it was less than I would have expected. With gasoline futures pushing higher today, we could easily start next week with the highest prices of 2010.
Midwest states may see another increase tomorrow (if not already), while the rest of the country will see prices increase an average of 2-3 cents. Prices in Canada are also expected to rise slightly to 104c/L. Lately the Canadians have been seeing their prices increase much slower than prices in the U.S., but they're already considerably higher than prices in the United States, so they're getting a very small break.
With summer gasolines projected to start rolling out over northern states in the next few weeks, we're also likely to see a boost in retail prices. If you're thinking about gassing up your cans for the lawn mower for the summer, this weekend wouldn't be a bad idea, although even if you wait, on 5 gallons you aren't talking about much in terms of savings (but every penny counts!).
Stay tuned for tomorrow's post- we'll revisit some marketing and ads for gasoline and oil companies from the 1950's through the 80's.