Local Gas Prices Jump To $3.40 Per Gallon 2-22-2011 - WNEM TV 5

Local Gas Prices Jump To $3.40 Per Gallon 2-22-2011

Michiganders looking to top off their tanks as Middle East tensions rise were in for a shock.
That’s because prices at the pump jumped around 30 cents across the area.
The turmoil in Libya, an OPEC supplier, has the price of crude soaring. During trading in Asian markets overnight, it reached $93 per barrel, a jump of almost $7.
Oil prices settled at $95.42 a barrel by the end of trading Tuesday, a 2 1/2-year high. Analysts worry further unrest, especially if it spreads in the region, could lead to even higher costs.
And where oil prices go, gas prices usually follow. TV5’s Craig McMorris tweeted that while he saw gas still at $3.04 for regular unleaded at a few stations in Bay City, some stations had jumped to $3.39 per gallon.
Before the price spike on Tuesday, AAA Michigan reported the price of gas is up to a statewide average of $3.18.
Of the cities it surveyed, the cheapest price for gas is in the Saginaw-Bay City area, at $3.10 for a gallon of regular gas.
The highest average can be found in the Marquette area at $3.27.
Experts say the price swing could be permanent as summer approaches.
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