Area Gas Prices Edge Upward

By Peter Neumann

Area Gas Prices Edge Upward

August 26, 2013

DETROIT, Mi. (My TV20 News at 10) --- Average retail gasoline prices in Detroit have risen 7.8 cents per gallon in the past week, averaging $3.58/g Saturday, according to GasBuddy's daily survey of 1,734 gas outlets in Detroit.

This compares with the national average that has fallen 0.4 cents per gallon in the last week to $3.57/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Detroit during the past week, prices yesterday were 33.4 cents per gallon lower than the same day one year ago and are 4.1 cents per gallon lower than a month ago. The national average has decreased 9.5 cents per gallon during the last month and stands 16.6 cents per gallon lower than this day one year ago.

"As driving season works closes out, the national average has been remarkably quiet, so far, but that may change as gasoline inventories declined a sizable about last week," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "The Energy Information Administration in its weekly report issued last Wednesday highlighted one of the largest drops in gasoline inventories this year. That was likely a culprit for a late-week rally in gasoline futures and spot prices, which in turn may mean that as this week wears on, gasoline prices could start showing some upward movement. Any increases may be limited, however, by the impending end of summer driving season," DeHaan said.

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