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Hurricane’s impact on gas prices unknown

Published 4:58pm Monday, October 29, 2012

Average retail gasoline prices in Michigan have risen 1.7 cents per gallon in the past week, averaging $3.48 per gallon Sunday. This compares with the national average that has fallen 9.6 cents per gallon in the last week to $3.56 per gallon, according to gasoline price website MichiganGasPrices.com.

Including the change in gas prices in Michigan during the past week, prices yesterday were 5.3 cents per gallon higher than the same day one year ago and are 38.9 cents per gallon lower than a month ago. The national average has decreased 23.1 cents per gallon during the past month and stands 10.2 cents per gallon higher than this day one year ago.

“With Hurricane Sandy headed for East Coast, there are a number of uncertainties in regards to the impact at the pump for various fuels,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy.com.

“There is very little to look back at history and compare this storm to, and so far, it remains to be seen exactly how gasoline and diesel prices will be impacted. For motorists west of the Mississippi, there may be little change in prices because of the storm, but as you head east, especially in the states to be highly impacted, there may be disruptions at various levels. However, any disruptions in supply may be offset by area-wide shutdowns of business, leading to curtailed demand for fuel,” DeHaan said. Check out http://blog.gasbuddy.com.

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