It ended just as quick as it came. Prices that had made their way down to the $2.30's in some Midwestern states are gone just as quickly as they came.
$2.38 was spotted in Ohio, $2.34 in Indiana, $2.39 in Michigan, $2.51 in Illinois, $2.55 in Wisconsin, and $2.46 in Kentucky in the last 48 hours, but those prices will slowly be vanishing as the day progresses. Prices have been increased at hundreds of stations- here is what you can expect.
Michigan (and all cities): $2.75
Twin Cities: $2.79
Indiana (and all cities): $2.69
Ohio (and all cities): $2.65
Wholesale prices, responsible for most of the at pump cost, has begun to increase in the last 24 hours as the United States Department of Energy released its Weekly Petroleum Status Report yesterday.
For the most part, the report was a surprise, indicating a large drop in gasoline supplies, a drop in distillate supplies (diesel, heating fuel, and other heavy fuels), and a drop in crude oil inventories. They also reported that demand for petroleum products has risen more than expected, perhaps yet another signal that the economy is improving.
For the short term, as I've said publicly, we can continue to expect volatility in gasoline prices. As news and reports are released, crude and gasoline prices will react accordingly. With the Dow Jones up significantly again so far today, I would expect that wholesale prices would continue to rise, thus increasing retail prices.
I'm still maintaining my price averages that I posted just a few days ago, highlighting average prices for the rest of this year. Unfortunately, as many have noted, it takes two weeks for prices to fall, but just moments for them to increase. At least we here at GasBuddy try to keep you in the loop... those in the immediately affected states should have gotten an e-mail last night warning of a possible hike.
Hope you took advantage!