2012-03-15 / News

Gas prices hit projected range with peak still months awayStewart

Average retail gasoline prices in Michigan have risen 4.7 cents per gallon in the past week, averaging $3.95 per gallon on Sunday, March 11. This compares with the national average that has increased 3.8 cents per gallon in the last week to $3.75 per gallon, according to gasoline price website MichiganGasPrices.com.

Including the change in gas prices in Michigan during the past week, prices on Sunday were 37 cents per gallon higher than the same day one year ago and are 53.7 cents per gallon higher than a month ago. The national average has increased 28.3 cents per gallon during the last month and stands 22.4 cents per gallon higher than this day one year ago.

“With a likely peak in gasoline prices still as much as two or more months away, the national average for a gallon of gasoline has already hit the bottom of the range that we projected back in January in our 2012 gasoline price forecast, which is quite concerning,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “While the recent pace of price increases has slowed somewhat, the spotlight will now shift to refining facilities as they start and finish maintenance. Any unexpected problems arising from such may cause prices to resume a quick climb,” DeHaan said.

GasBuddy operates www.MichiganGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app which has been downloaded over 20 million times to help motorists find gasoline prices in their area.

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