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Gas prices in the Kalamazoo area went up today 10¢ to 20¢. Prices went up to $3.199 last Thursday and $2.999 the week before that. I got gas yesterday for $3.149 at the 3700 Sprinkle Road Speedway at Vanrick Drive. I won't be surprised if gas goes up to $3.399 next Thursday.
With where crude oil futures have been in recent weeks, approaching $100 per barrel ($95.60 today), if this was spring or summer, we'd have $4 a gallon gas. If trends continue, I'm expecting $4 gas for the first time ever in the Kalamazoo area sometime between March and May 2008. The highest price ever in the Kalamazoo area was $3.999 at the Quick Stop at 2002 West Main Street the evening of September 11, 2001. Then Michigan Attorney General Jennifer Granholm prosecuted this and several other gas stations around the state for price gouging.
Across West Main Street from Quick Stop is a Dairy Mart / Circle K. On Monday, November 5 I saw yellow caution tape all around their gas pumps and no gas prices on their road side sign. It looked like their underground gasoline storage tanks were being removed.
April 2008 gasoline futures (which would affect March gas prices) are currently $2.5768. That would equal a retail price of about $3.399, so not all hope is lost. It will be interesting to see how accurate this market prediction is. I wouldn't bet on it.
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