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Gasoline prices skyrocket

August 2, 2012
The Daily News

IRON MOUNTAIN - Gas prices are on the rise and are expected to increase up to 35 cents a gallon in the next day or so, experts say.

"I expect a majority of gas stations to have increased prices at least 10 to 35 cents per gallon by Friday evening with most stations starting to raise prices as early as Thursday morning when compared to (Wednesday) prices," Patrick DeHaan, Senior Petroleum Analyst, said Wednesday.

"Some areas in Michigan and Indiana may flirt with $4 a gallon," DeHaan said.

In Iron Mountain-Kingsford, gas prices as of 8 a.m. today ranged from $3.85 to $3.89 a gallon for regular unleaded.

In Iron River, the cost for regular unleaded was $3.85 a gallon. In Escanaba, the price is $3.79 a gallon.

Last week's gas prices ranged from $3.59 to $3.74 per gallon of regular unleaded.

DeHaan 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 on Wednesday morning, totaling a rise of 61 cents per gallon since July 25, DeHaan said.



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