Detroit Gas Prices to Jump Rapidly

By Peter Neumann

Detroit gas prices have started their move higher!

August 28, 2012 Updated Aug 28, 2012 at 2:20 PM EDT

DETROIT, Mi. (My TV20 News at 10) --- You should be aware of the likelihood of a sharp rise in gasoline prices in the next few days and through the weekend in Detroit.

"I expect stations to have increased prices as much as 10-35 cents per gallon by the conclusion of the weekend with some stations starting to raise prices immediately," said Patrick DeHaan, Senior Petroleum Analyst.

DeHaan warns that Tropical Storm Isaac, as well as murky regional refining issues boosted wholesale gasoline prices to their highest level so far this year, rising 7-cents per gallon higher than their previous peak back in March. Wholesale gasoline prices, which is the price stations pay for new shipments of gasoline, rose 35-cents per gallon yesterday, the largest one day increase in a year.

While this situation is a significant pinch for motorists, it is temporary. "I expect the situation to slowly resolve itself over the next few weeks, but as gasoline prices tend to fall slowly, motorists may not have a sense of real relief until late-September," DeHaan said.

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