DETROIT (WWJ) - Just in time for July 4th, gas prices are up around 20 cents a gallon in metro Detroit. GasBuddy.com analyst Patrick DeHaan says he doesn’t believe it’s due to the holiday but he adds:
“I think prices may be moving down a penny or two, which isn’t a whole lot, but it’s better than nothing, and then by July 4th prices may be two to three cents lower than they are today,” said DeHaan.
DeHaan says the government briefly brought prices down by dipping into its strategic reserve … but it hasn’t lasted.
“Now OPEC is saying,”Well, that’s too much supply” and oil prices went up. Of course, gasoline contains quite a bit of crude oil … so, price of oil goes up, price of gasoline goes up, and that’s what we are seeing,” said DeHaan.
DeHaan says the last time prices went up in Michigan before July 4th is 2008. He blames the hike on supply and demand and Wall Street.
He says gas is now around $3.75 on average in Michigan.