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Gas Prices Rise 30 Cents Over Past Week

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DEARBORN (WWJ/AP) - AAA Michigan says gasoline prices have risen about 30 cents during the past week to a statewide average of around$3.83 per gallon.

The auto club says Monday the average is about 26 cents per gallon more than this time last year.

Of the cities it surveys, AAA Michigan says the cheapest price for self-serve unleaded fuel is in the Traverse City area, where it’s about $3.75 a gallon. The highest average is in Ann Arbor area at about $3.85 a gallon.

The rise comes amid higher crude oil prices and a drop in U.S. supplies.

According to GasBuddy.com, the national average has increased 0.4 cents per gallon during the last month and stands 19.5 cents per gallon higher than this day one year ago.

“Nationally, gasoline prices have begun moving upward yet again. I suspect that the unrest in Egypt is playing a significant role in pushing crude values higher, and thus retail gasoline prices higher as well,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

“The market is seemingly quite sensitive to the situation in Egypt as the Energy Information Administration has reported two consecutive weeks of large declines in crude oil inventories, drawing concern that a loss in Middle Eastern crude would mean continued declines in inventories stateside,” DeHaan said.

Monday afternoon, GasBuddy was reporting the best price in Metro Detroit, at $3.64 a gallon, at the CITGO on Pontiac Trail near 9 Mile Road in South Lyon.

CLICK HERE to find the best price near you.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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