I am in the business and can say that we expect wholesale prices to top $4 this evening, which is a rise of nearly a dollar for the day. They may go higher. This is partly due to refineries closing in TX and thus shutting off supply to the SE. This is an extremely short-term spike, the kind that people with cash can make profits on if they can get in fast enough (they’re probably already too late to profit, though).
Fear not.
I got my tank filled yesterday, so paid 3.61/gal. I probably saved about 15 cents a gallon on the spot now and more tomorrow and over the weekend.
Yikes, I’m in the Kansas City area and just filled up my evil SUV. The price has risen from $3.34 at 2:00 pm to $3.49 at 3:45 pm. No wonder every pump space was taken when I went by the gas station earlier this afternoon!
The wholesale price for gas per gallon in NC is now approximately 3.55 for Regular. If you add .25 for federal taxes, .30 for state and .05 for freight, you get 4.15/gallon delivered to the pump. You can figure what that makes spot prices, now that you know the spot costs, yes?