Archived Story

Gas prices begin climb

Published 10:04pm Monday, January 30, 2012

Average retail gasoline prices in Michigan have risen 4.2 cents per gallon in the past week, averaging $3.40 per gallon Sunday.

This compares with the national average that increased 4.5 cents per gallon in the past week to $3.39 per gallon, according to gasoline price website MichiganGasPrices.com.

Including the change in gas prices in Michigan during the past week, prices Jan. 30 were 26.4 cents per gallon higher than the same day one year ago and 3 cents per gallon lower than a month ago.

The national average increased 13.5 cents per gallon during the past month and stands 30.4 cents per gallon highe rthan this day one year ago.

“Late last week, we saw wholesale gasoline prices rise dramatically on some refinery issues, which leads me to believe that retail gasoline prices will rise in response,” said Patrick DeHaan, a senior petroleum analyst at GasBuddy.com.

“We continue to also watch how Iran responds to EU sanctions. There are some concerns that they may cut oil to the European region before the sanctions are to take effect to cause these countries hardship when they can’t find new sources of oil quickly enough. That in itself could draw crude oil prices higher quickly at a moment’s notice.”

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