Gas price escalation slowsPublished 4:46pm Monday, March 12, 2012
Average retail gasoline prices in Michigan have risen 4.7 cents per gallon in the past week, averaging $3.95 per gallon Sunday. This compares with the national average that increased 3.8 cents per gallon in the past 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 March 11 were 37 cents per gallon higher than the same day one year ago and 53.7 cents per gallon higher than a month ago.
The national average increased 28.3 cents per gallon during the past 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 Patrick DeHaan, a senior petroleum analyst for GasBuddy.com.
“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.”
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