Posted in: Gas Prices,
by Patrick DeHaan on Feb 28, 2011 01:04 PM
First off- you may have noticed an absence of blogs- I've been swamped with requests and have been very busy as gasoline prices have climbed at their fastest pace since Hurricane Ike. This week may play out the same, so beware!
Evaluating last week's prediction for this week, I said "By next Monday, I predict the price average in the U.S. will rise to $3.21/gallon while prices will rise to 115.2c/L in Canada. We haven't seen prices that high since October of 2008." My goodness! If I could have known what would happen later Monday (BP pulling out of Libya, I might have had a chance!) Looking at latest data, the U.S. average has skyrocketed to $3.344/gal while prices in Canada stand at 117.8c/L. I couldn't have been more off (well, I suppose I could have but that wouldn't have been welcome!)
We begin this week with oil hovering some $13/bbl higher than just a week and a half ago, gasoline prices have obviously moved much higher in much of the United States.
While I believe the largest increases are behind us, some areas haven't seen prices move up as much as others. If average prices in your area haven't climbed more than 15-cents per gallon, you'll likely see further additional increases of at least 10-cents per gallon.
By next Monday, I expect the U.S. average will rise to $3.44/gal while prices in Canada will climb to 119.2c/L. With conditions still evolving in the Middle East, we could see prices climb more than expected. Stay tuned- we'll try to keep you updated either via the blog or via Facebook!