Has the time finally come? Well, it may be too early to blow the final whistle, but gasoline spot values have eroded today, and that may pave the way for some price decreases that could show up beginning next week or even sooner.
The nation's hottest gas price markets, the Mid-continent region and Great Lakes should see some relief ahead as spot gasoline prices take a nose dive today. However, as indicated earlier, while the party may be over, tomorrow's pivotal Energy Information Administration report could upend the predicted drop in retail prices.
While every region appears ripe to see declining wholesale gasoline prices later today, some regions are certainly in line for more of a break than others. The Great Lakes area, which recently saw spikes close to $4/gal in some areas, will likely come down for at least several days, or perhaps even longer.
The Mid-continent region will likely see prices in some states hold over $4/gal, but they should begin to crumble in the week after Memorial Day if the market continues to weaken.
Prices during the month of June have historically provided some relief, and I'm under the expectation that history should repeat itself this year. Today's advice is hold off on filling up for now as there should be some downward direction developing in most areas in the next few days, should this all hold together... but keep in mind this is cheap tape, not duct tape, at least yet!