Motorists filling up their tanks may see an unpleasant surprise at the pump. The price for a gallon of regular self-serve gasoline was predicted to go up to $3.49-$3.59 throughout Michigan, Indiana, Ohio, and Kentucky on Wednesday. For some gasoline stations this will mean increasing prices as much as 40-cents per gallon compared to prices earlier this week. Here in Cedar Springs, it was $3.39 as of press time Wednesday morning.
“The rise in gasoline prices is due to increasing crude oil prices as Middle East violence continues to make oil exports risky. We’ve seen wholesale gasoline prices continue to rise at the fastest pace since Hurricane Katrina,” said GasBuddy Senior Petroleum Analyst, Patrick DeHaan.
DeHaan is concerned that we may see a “double whammy” at gasoline pumps. He explained that Middle East violence could continue to result in higher gas prices as oil demand also increases ahead of the summer driving season. He expects prices to rise to an average of between $3.65 and $4.05 by the Memorial Day weekend.
“We could see prices spike above $4-per gallon if the situation in the Middle East isn’t resolved soon,” he notes.