Gas Prices Shoot Up Again On Libya Unrest 3-02-2011 - WNEM TV 5

Gas Prices Shoot Up Again On Libya Unrest 3-02-2011

Motorists filling up their tanks Wednesday may see an unpleasant surprise at the pump.
TV5 was informed by viewers via Twitter that prices in Lansing are at $3.59 and in Bay City, $3.55. said the price for a gallon of regular self-serve gasoline is increasing to $3.49-$3.59 throughout Michigan, Indiana, Ohio, and Kentucky.
For some gasoline stations, prices have increased as much as 40 cents per gallon compared to prices earlier this week.

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"The rise in gasoline prices is due to increasing crude oil prices as Middle East violence continues to make oil exports risky," said GasBuddy senior petroleum analyst Patrick DeHaan. "We've seen wholesale gasoline prices continue to rise at the fastest pace since Hurricane Katrina.
DeHaan is concerned that we may see a "double whammy" at gasoline pumps. He said that Middle East violence could continue to result in higher gas prices as oil demand also increases ahead of the summer driving season.
DeHaan also said 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," DeHaan said.
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