Posted in: Gas Prices,
by Patrick DeHaan on Dec 20, 2010 01:21 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 $2.99 while prices in Canada will rise to 110.3c/L." Taking a look this morning, the average is $2.973 for the U.S. and 109.1c/L in Canada. We'll call that a "close" prediction. Looking at things, prices again haven't moved a whole lot in the last week.
To start off this week, we're seeing big gas price increases in Michigan, Ohio, Indiana, and South Dakota. In Ohio and Indiana, prices are rising above $3/gallon for the first time since October 2008, just in time for motorists who are preparing to hit the road for holiday travel.
Wholesale prices this morning have really strengthened and are up nearly a nickle across much of the United States this morning, and I expect prices in Canada to being moving higher as well. While the timing is suspect of price increases, much of it simply has to do with rising wholesale prices. There will be some areas (near major travel routes) that will also increase prices to take advantage of holiday travelers, so fill up now to save money.
Things this morning so far indicate a week of higher wholesale prices, which will translate to a higher national average, so that's the forecast this week.
By next Tuesday (because of the holiday), I expect the national average to be $3.01/gallon, while prices in Canada will move slower, averaging 109.9c/L.
Have a wonderful Christmas and safe travels to all!