There’s going to be some ups and down when it comes to prices at the gas pump.
Senior Petroleum Analyst Dan McTeague is expecting prices to jump to 141.9 this afternoon but could drop back down to what most are sitting at now, which is 128.9, by tomorrow.
McTeague says if you don’t see prices change by 11 o’ clock you shouldn’t see a major shift.
“If no one is willing to throw in the towel at this point then I think you’re likely to see prices remain pretty much where they are within a penny come tomorrow, Sunday, and Monday.”
However, McTeague is skeptical about what stores might do because right now they are selling at wholesale prices and not making any profit. stores need at least a six-cent retail margin to cover programs such as credit cards.
“That would mean under normal circumstances we would see prices moving up to 141.9. This was attempted last evening but collapsed after the big box stores felt they could continue to sell gasoline at or below cost comfortably.”
He adds if you do see prices sitting at 128.9 the best thing to do is fill up right then and there.
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