DETROIT (WWJ/CBS) – AAA Michigan says gasoline prices have risen about a penny over the past week to a statewide average of $3.96 per gallon.
Prices have risen for the fourth week in a row and AAA is noting that the increase in fuel prices nationwide is due to recent disruptions in Iraq.
Iraq is the third-largest exporter of oil in the world and has the fifth-largest crude reserves, according to the Energy Information Administration.
“It is guaranteed that consumers will pay higher gas prices in the coming days, due to the turmoil in Iraq,” said Michael Green, a spokesman for AAA. “The price of oil has gone up in recent days due to the fact that the production in Iraq might be curtailed and there could be increased conflict in the Middle East. And whenever oil prices go up, that is going to affect you at the gas pump.”
Gas prices in Michigan, Indiana and Ohio are already moving higher, along with prices in cities in Kentucky, Illinois and other nearby localities, Patrick DeHann, a senior petroleum analyst, blogged Friday at GasBuddy.com. That rise is “a harbinger of what’s to come to the rest of the nation,” he said.
The average is down about six cents from this time last year.
TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.