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Gas prices continue upward

Published 11:01pm Monday, January 9, 2012

Average retail gasoline prices in Michigan have risen 11 cents per gallon in the past week, averaging $3.50 per gallon Sunday.

This compares with the national average that has increased 7.9 cents per gallon in the past week to $3.34 per gallon, according to gasoline price website MichiganGasPrices.com.

Including the change in gas prices in Michigan during the past week, prices Sunday were 37.2 cents per gallon higher than the same day one year ago and 15.4 cents per gallon higher than a month ago.
The national average increased 4.7 cents per gallon during the past month and stands 27 cents per gallon higher than one year ago.

“Gas prices are rising across much of the nation as Iran has continued to threaten closing the Strait of Hormuz, a vital waterway for global oil shipments,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy.com. “Think back to the days following the start of the crisis in Libya — an event that also rattled energy markets. We’re seeing similar emotions play out even though there hasn’t yet been a disruption to supply. I would blame emotion for the recent uptick in gasoline prices. Nothing else.”

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