Gas prices could be rising to near $4/gallon in the next 48 hours, according to gasbuddy.com. Current prices in Cedar Springs and the surrounding area is $3.73.
“I expect a majority of gas stations to have increased prices at least 10-35 cents per gallon by Friday evening, with most stations starting to raise prices as early as Thursday morning, when compared to today’s prices. Some areas in Michigan and Indiana may flirt with $4/gallon,” said Patrick DeHaan GasBuddy.com Senior Petroleum Analyst. He explained the reason for the rise in retail prices as new pipeline glitches which have come to light. In addition to three regional refineries suffering setbacks, it was also discovered that Enbridge had to shut a pipeline that delivers crude from Canada to Chicago, putting further dampers on a tight market.
“While this situation will be temporary in nature, prices will remain high as long as these problems continue,” DeHaan said. Gasoline spot prices, the price stations pay before taxes, rose nearly 21-cents per gallon just on Wednesday morning, totaling a rise of 61-cents per gallon since July 25 -30 he reported.