Posted in: Gas Prices,
by Patrick DeHaan on Nov 22, 2010 11:26 AM
Evaluating last week's prediction for this week, I said "By next Monday the national average will be $2.91 while prices in Canada will average 105.2c/L." Taking a look this morning, the average is $2.881 for the U.S. and 105.9c/L in Canada. This isn't as close as I've been in the past couple weeks, so we'll call this prediction "close".
I also said last week that prices would fall in MI, OH, IN, WI, IL, and KY for the first half of the week. Prices in most of these areas dropped, some large, some just slightly.
Also last week I indicated prices in the Northeast would rise, something that's also happened as local refineries have undergone maintenance at an impressive rate.
For this week, we start the Thanksgiving week off looking at debt concerns again from Europe. That's helping push the stock market lower, and in many areas of the country (excluding the N.E.), I believe we'll see most prices fall going into the holiday.
The Midwest (Speedway) has a remote chance of a price increase since retail prices have been falling at a fast pace. We'll have to continue to watch developments in the stock market and economy to see whether this holds true.
By next Monday, I expect the national average in the U.S. to drop to $2.85 while prices in Canada will drop to 104.9c/L.