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Gas prices rise sharply

Published 10:26pm Monday, March 5, 2012

Average retail gasoline prices in Michigan have risen 11.8 cents per gallon in the past week, averaging $3.92 per gallon Sunday. This compares with the national average that increased 5.2 cents per gallon in the past week to $3.71 per gallon, according to gasoline price website MichiganGasPrices.com.

Including the change in gas prices in Michigan during the past week, prices Sunday were 40.3 cents per gallon higher than the same day one year ago and 40.6 cents per gallon higher than a month ago.

The national average has increased 27.8 cents per gallon during the last month and stands 24.1 cents per gallon higher than this day one year ago.

“Gasoline prices have spiked considerably higher in virtually every area over the last two weeks, and, while I don’t expect the pace of the recent rise in prices to continue for the entire month, a similar jump may again occur closer to April Fools Day, and it won’t be a funny joke, it’ll be disgusting reality,” said Patrick DeHaan, a senior analyst with GasBuddy.com. “The rise in price is so unbelievable that we may have to revise upward our previous gasoline forecast that had called for a national average of between $3.75 to $4.15 by mid-May, as the national average already stands at nearly $3.72 per gallon.”

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