Posted in: Gas Prices,
by Patrick DeHaan on May 24, 2010 01:05 PM
Many are accustomed to seeing prices rise all at once across Great Lakes states- many times on the same day and the same time. Prices increase in the Midwest faster than many other areas, sometimes 15-25 cents in just two days. It should be quite refreshing that these areas to see the biggest price decreases in the nation. In the last week, prices have declined an average of 17-21 cents in the states with the highest concentration of Speedway gasoline stations.
Prices in Indiana have dropped an average of 20.5 cents per gallon in the last week, a state that has some 226 Speedway gasoline stations. In Ohio, gasoline prices have dropped 19.1 cents in the last week, where Speedway has a whopping 445 stores. A similar truth in Kentucky, where prices have fallen 18 cents per gallon- a state with 130 stores. Prices in Michigan, where Speedway has nearly 300 stores, have dropped 16.8 cents per gallon on average. Not to forget Minnesota, where prices have shed 17.5 cents per gallon. Speedway operates in Minnesota under the SuperAmerica label, where they have 220 stores. Of note, It was recently announced that Marathon oil, parent of Speedway/SuperAmerica would sell their assets in Minnesota.
Prices have also fallen 16.1 cents per gallon in Wisconsin, a considerable amount given the fact the state has just 72 Speedway/SuperAmerica stations. The same holds true for Illinois, a state with 93 stores- prices have fallen an average of 14.2 cents per gallon. In the remaining 43 states in the United States, price drops have been much slower, averaging just 9.0 cents per gallon, a far cry from the average drop in the states mentioned above.
So while many of us aren't so excited when gasoline prices rise in these states, you should certainly recognize and be happy when prices fall twice as quickly. The competition that these stations add to the above markets when wholesale prices fall is easily notable.