Gas Prices Are Up – Yet Again
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DETROIT (WWJ) – Gas prices are up – yet again.
According to GasBuddy.com, prices at the pump are up almost eight cents a gallon over the past week in Metro Detroit. GasBuddy says the current average is $3.58 a gallon, which is a penny more than the national average.
Analysts say any upticks at the pump this week because of low gasoline inventories will likely be offset by Labor Day weekend — the unofficial end of the summer driving season, when prices tend to drop.
The national average, however, 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 amout 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.