That’s the word from Wright Express (via Automotive Fleet).

In a new report from Wright Express (WEX), the company said fuel prices are as low as they’re going to get and are likely to rise in the coming weeks. The company said experts believe that despite current economic woes and reduced demand, fuel prices will remain strong for the rest of the year.

Retail gasoline prices dropped more than 25 cents during the month of September, but WEX said some experts believe prices have hit bottom. Last week, wholesale gasoline prices were at $2.50-$2.70 per gallon, but the week ended with some markets back above $3.00 per gallon.

We have been watching the wholesale market closely, and we can see the apparent firming of prices. Check out the CME chart of wholesale gasoline futures.

The subject near and dear to my heart was mentioned briefly in the Republican candidate debate on Wed. night.

Michelle Bachmann noted that gas was $1.79/gal when Obama took office, and she says it’s possible to get back there. (News Flash Rep. Bachmann: Gas was $0.35 when I bought my first car. Kept hoping we would get back there, but..)

Don’t forget the day that President Obama took office, gasoline was $1.79 a gallon. It’s entirely possible for us to get back to inexpensive energy.

Gov. Huntsman from Utah said we are paying for more than just the gas of gas when we fill up our tanks. The price includes tax shipping and handling, so to speak.

When you add up the cost of troop deployments, when you add up the cost of keeping the sea lanes open for the importation of imported oil, the bulk and distribution and terminaling costs (ph), it’s $13 a gallon, so says the Milken Institute.

All agreed $2 gas would be better for everybody and better for the economy.

Get real people! $2, $3, $4 gas at a price over which we have no control or guarantee! I’d just like to know what it will be so I can budget and plan the rest of my life. Let’s hedge.

The CME has declared force majeure for heating oil shipments into NY for August.

Hurricane Irene’s dirty work is thwarted. The order gives and extension of 5 days from the originally scheduled due date to make deliveries.

Per Wikipedia

Force majeure (French) or vis major (Latin) “superior force”, also known as cas fortuit (French) or casus fortuitus (Latin) “chance occurrence, unavoidable accident”,[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term act of God (such as hurricane, flooding, earthquake, volcanic eruption, etc.), prevents one or both parties from fulfilling their obligations under the contract.[2]

So much for Obama’s Strategic Petroleum Reserve move!

As PumpGirl noted, oil prices moved higher, perhaps in line with the (modestly) positive economic news from the ADP jobs report.

Meanwhile, gasoline futures at the NYMEX spiked higher by almost thirteen cents! The entire forward curve for the next year is up by more than ten cents. I looked at the bottom month in the next year and the implied pump price is about $3.50. The average is significantly higher.

For managers who are planning ahead, the window of opportunity to lock in prices may not be open for long.

Oil rose in London to around $100/barrel. The reasons is the usual suspects: political unrest in Egypt.

“The risk of contagion will keep prices above $100 a barrel for a while,” said Christopher Bellew, senior broker with Bache Commodities Ltd. in London. “Much has still to be settled in Egypt, so there is still the specter of unrest spreading to oil-producing countries.”

Hedge funds and other large speculators have increased net long positions by 17%

Price at the pump won’t be going down any time soon