Gasoline prices across the Midwest are going nuts, a petroleum analyst said this week as a gallon of fuel shot past the $4-per-gallon mark.
Prices in Traverse City, Mich., jumped between 15 and 25 cents, hitting $4.15 a gallon or more at the pump. Similar jumps have been recorded across Indiana.
“The Midwest is nuts the way gas prices are going right now,” said Gregg Laskoski, senior petroleum analyst at GasBuddy.com.
Experts said oil prices remain escalated at around $107 per barrel, but they don’t believe the sudden spike is related to an oil price hike or any new bottlenecks in production at gasoline refineries.
“Profit-taking is what it is,” said Jason Toews, co-founder of GasBuddy.com, a website that tracks gas prices and trends across the U.S.
Toews said gasoline prices in Michigan and other Midwest states tend to jump quickly and fall back more slowly, unlike other parts of the U.S. where more competition among gas stations and their parent companies creates more-gradual price changes.