What the hell?! The price of regular jumped .50 overnight - from $2.99 to $3.49 (at Sunny Isle intersection)!!!!!!!
I found last week's DN article on the increase in Hovensa rack rates. Here is an excerpt:
Published: December 5, 2011
ST. CROIX - After two weeks of declining prices, the wholesale price of regular and premium gasoline at HOVENSA inched upward today, while the wholesale price of diesel fuel went down.
HOVENSA made the adjustments to its rack rates - the price of fuel purchased wholesale, directly from the refinery's truck loading station on St. Croix - today. The rack rates influence retail gasoline prices in the territory because independent gas station operators can buy their gasoline at the loading station, then resell it to their customers.
The refinery today raised the rack rates for regular and premium gasoline by 2 cents per gallon, while it lowered the rack rate for diesel fuel by 4 cents per gallon.
So Hovensa's rate goes up two cents and the gas stations raise their price by 50 cents?!!!!!!! Just had to vent there for a minute.