Stations prepped to hike gas prices, analyst says
One gasoline price watcher said he expects retail stations to boost prices in response to slimming margins and rising wholesale prices.
Patrick DeHaan, senior petroleum analyst with gasoline price search website GasBuddy.com, said a regular gallon of unleaded gasoline was expected to increase Thursday to between $3.15 and $3.19 in Indiana, Michigan, Ohio and Kentucky.
He said some stations would increase prices as much as 20 cents a gallon compared to prices earlier this week.
“The rise in gasoline prices is due to falling margins,” DeHaan said in a news release. “We’ve seen retail prices dropping the last week and a half while wholesale costs have moved slightly higher.”
DeHaan said he expects prices to remain between an average of $2.95 and $3.35 through February before rising in March and April ahead of the summer driving season.
“We could see prices this spring surpass $4 (per gallon) in some areas as demand improves along with the economy,” DeHaan said.
The average price of regular unleaded gasoline in the Gary area was $3.08 per gallon Thursday, according to the AAA Fuel Gauge Report. One week ago, the average was $3.15 per gallon.