GRAND RAPIDS, Mich. — Gas prices in the Grand Rapids area are up an average of 13.7 cents per gallon in the past week, reports GasBuddy.com, and “we should expect wholesale and retail gasoline prices to rise further,” said Gregg Laskoski, senior petroleum analyst for GasBuddy in a release.
The price tracking web site noted crude oil prices at the end of last week were at their highest price since November: $48.50 per barrel. At one point, crude prices had dropped into the $20-$30 range.
Heading into the Memorial Day weekend and the summer driving season, there are several market pressures that will push prices higher, says AAA of Michigan in a release. The auto club points to wildfires in Canada’s oil sands region that forced production cuts. Midwest refineries that had adjusted their refining processes to accommodate the cheaper oil sand crude from Canada are affected.
What’s more, demand for gasoline is spiking, and AAA expects summer to demand to continue to grow, which will mean higher gas prices.
With all the rising gasoline prices, both GasBuddy and AAA point out that current average prices are still 35 cents lower than this time last year.
Note: Not long after this story was posted, GasBuddy sent out an alert that gas prices in Grand Rapids were rising by 20 cents a gallon.
