Mid-Michigan Gas Prices Now Hovering At $4.17 4-25-2011 - WNEM TV 5

Mid-Michigan Gas Prices Now Hovering At $4.17 4-25-2011

Several Mid-Michigan gas stations pumped the price of unleaded gasoline to $4.17 per gallon Monday afternoon.
The 30-plus cent price hike was first seen in Saginaw as Shell, Sunoco and Speedway locations all made the jump.
According to consumer-provided data on GasBuddy.com, the highest priced gas is being sold in Saginaw at $4.19 per gallon at the Clark Station, 6860 Gratiot Rd near River Rd.
As of 12:30 p.m., some area stations were still selling gas for $3.85, but most are expected to raise prices to that level.
Fast Feedback: What Is The Price In Your Neighborhood?
Patrick DeHaan, a senior petroleum analyst with GasBuddy.com, said refinery problems in Whiting, Ind. are contributing to the gas-price spike in Michigan.
The highest price for a gallon of gasoline in Michigan came in the summer of 2008 at $4.24.
DeHaan said motorists should expect another price jump within the next few weeks.
Meanwhile, the average price of a gallon of self-serve regular is $3.88 in the United States, not including Alaska and Hawaii, Lundberg Survey published Sunday. The previous survey three weeks ago found an average of $3.76.
The average gallon is just 23 cents off the all-time high average of $4.11 set in July 2008.
Of the cities surveyed that day, the lowest average price was in Tucson, Arizona, at $3.54. The highest average price was Chicago at $4.27.
Here are the average prices in some other cities:
  • San Francisco Bay Area $4.22
  • Boston: $3.89
  • Houston: $3.77
  • Atlanta: $3.75
  • Denver: $3.55
  • Phoenix: $3.67
  • Portland, Oregon: $3.85
  • Los Angeles $4.19
  • Denver: $3.49

Oil dropped Monday in volatile trading that's expected to be heavily influenced by the U.S. dollar.
Oil is priced in dollars, so it tends to fall as the dollar strengthens and makes crude barrels more expensive to investors holding foreign money. While the dollar was still down a little Monday morning versus other major currencies, it's bounced back from earlier lows.
The dollar has been weak because investors think the Federal Reserve will continue to keep interest rates near zero when it meets Tuesday and Wednesday. Other central banks have been raising interest rates out of concerns about inflation. Higher interest rates make a currency more attractive to investors.
Benchmark crude for June delivery dropped 72 cents to $111.57 per barrel in morning trading on the New York Mercantile Exchange. In London, Brent crude lost $1.18 at $122.81 per barrel on the ICE Futures exchange.
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