Posted in: Gas Prices,
by Patrick DeHaan on Oct 5, 2012 05:17 PM
Today's been busy. Swamped. Everyone wants to know everything about California gas prices. If that wasn't enough, the Great Lakes region saw its own price hike today, completely unrelated to the situation in Cali. For simplicity, we'll only talk about California here, because of their all time record high prices.
Good news: there's light at the end of the tunnel. No, it won't come as fast as I, or anyone else wants it. But it is coming. Today, gasoline spot prices fell considerably. That's an excellent sign. The caveat is that it may take a few days for stations to start lowering their prices because they aren't yet buying the cheaper gasoline.
For Californians, I expect perhaps 24-72 hours more of rising prices, although at a slower rate than what we've seen in the last few days. After this weekend and to start next week, I do expect some relief- in the form of falling prices. That's certainly most welcome news.
Wholesale prices this evening, or the price stations pay if they're buying a bulk load of gasoline, will be at least 35c/gal lower than where it was this morning. That's welcome relief, but again, it won't hit right away.
Hang in there Californians, relief is coming by mid-next week, but for now, virtually the entire state has already, or is about to, set all time record high prices, not to mention the fastest gas price increase we've EVER seen.