Why Gas Prices Took a Huge Jump

By Peter Neumann

Why Gas Prices Took a Huge Jump

February 24, 2014 Updated Feb 24, 2014 at 4:27 PM EDT

DETROIT, Mi. (My TV20 News at 10) --- Average retail gasoline prices in Detroit have risen 11.3 cents per gallon in the past week, averaging $3.53/g Sunday, according to GasBuddy's daily survey of 1,734 gas outlets in Detroit.

This compares with the national average that has increased 5.0 cents per gallon in the last week to $3.40/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Detroit during the past week, prices yesterday were 28.1 cents per gallon lower than the same day one year ago and are 28.0 cents per gallon higher than a month ago. The national average has increased 12.5 cents per gallon during the last month and stands 32.6 cents per gallon lower than this day one year ago.

"The rate of increase in the national average has accelerated over the last week, and the worst is likely yet to come," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Oil prices continue to move higher as refineries continue their maintenance season, leading to a double whammy at the gas station. In addition, in another month we'll also start seeing refineries producing more expensive, cleaner burning summer gasoline, and that will likely keep upward pressure on retail gasoline prices. Just a handful of stations across the nation are seeing a price under $3/gallon, and a few weeks from today, motorists along the West Coast with perhaps a few other states will be wishing for those current $3 prices," DeHaan said.

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