PEORIA - Gas prices jumped about 20 cents in central Illinois during the past two days, to between roughly $3.15 and $3.30 a gallon for regular unleaded.I understand that these prices aren’t historically unprecedented (taking inflation into account) but the volatility of the cost is just nuts. It’s like being a day trader trying to figure out the precise moment when it’s best to buy. I actually find myself doing gasoline algorithms based on how long it’s been since a price increase (or how long prices have been creeping down), the level of my fuel tank, the day of the week, and if there’s been any news that might be used as an excuse to raise prices. The difference between toping off today or waiting until tomorrow can be $5 or $10. Not a huge deal, but it pisses you off when you have to shell out those extra bucks because you gambled on lower prices one day too long.
Flooding at a refinery in Coffeyville, Kan., and the shutdown of a huge Indiana oil processing unit for maintenance were blamed for the increase.
In the next few days, prices in the Midwest could reach upwards of $3.50 a gallon, said Tom Kloza, Oil Price Information Service publisher.
Friday, July 13, 2007
Gas Way Up
In case you missed it: