Report: Gas Prices Set To Rise?

(WLNS) – The price of a gallon of gas at the pump is still dropping in Lansing but the joyride on prices may soon be over.

Average retail gasoline prices in Lansing have fallen 8 cents per gallon in the past week, averaging $1.92 yesterday. This compares with the national average that has fallen 5.8 cents per gallon in the last week to $2.05 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Lansing during the past week, prices yesterday were $1.38 per gallon lower than the same day one year ago and are 35.1 cents per gallon lower than a month ago. The national average has decreased 39.4 cents per gallon during the last month and stands $1.24 per gallon lower than this day one year ago.

“The light at the end of the tunnel is dimming as gasoline prices have nearly caught up with the drop in crude oil prices,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “Last week saw a rally in oil prices Wednesday, before caving again Thursday, then rallying again Friday- a sign that perhaps we’ve seen a bottom in oil prices, and perhaps thus a bottom in gasoline prices as well.”

Nationwide, Michigan has the biggest drop in price from the same day one year ago. Michigan is also one of 22 states that do not have a single gas station reporting prices about $3 a gallon.

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