Posted in: Gas Prices,
by Patrick DeHaan on Dec 13, 2010 01:01 PM
Evaluating last week's prediction for this week, I said "By next Monday, I expect the national average in the U.S. to rise to $2.98 while prices in Canada will rise to 109.4c/L." Taking a look this morning, the average is $2.963 for the U.S. and 109.0c/L in Canada. Prices haven't moved a whole lot in the last week in the U.S. as some areas see prices moderate while others continue to see rising prices.
This week is beginning with virtually no change in wholesale gasoline prices, and I expect Wednesday's Department of Energy report to play a big role in where retail prices go this week. I expect that prices in the Midwest (Michigan, Indiana, Ohio, Kentucky) will see a price increase via Speedway before Thursday (it may be happening as we speak), which may lift the national average.
Prices in the Northeast will continue to be among the highest outside of the West Coast, but prices will begin to slowly moderate back closer to the national average as refiners have boosted output at their facilities after maintenance.
We've already seen many areas breach $3/gal for the first time since October 2008, and I suspect that we'll see fewer areas breach that level this week as price hikes slow down for a majority of areas.
By next Monday, I expect prices in the U.S. to be $2.99 per gallon while prices in Canada will be 110.3c/L.