DEARBORN (WKZO AM/FM) — Gas prices have jumped 16-cents on average over the last week according to AAA of Michigan and they could go up another 15 to 20-cents more if Midwest fuel is shipped elsewhere to cover shortages created by Hurricane Harvey.
Analyst Helima Croft with RBC Capital says the Texas area already is in short supply and the east has been feeling the pinch with the shutdown of the Colonial Pipeline.
The sooner they reopen, and the gulf refineries resume production, prices will drop sharply, she says.
Now Hurricane Irma has reached Category Four status with a path that could brush the southern part of Florida before it heads into the Gulf.
For now AAA reports that the statewide average price is $2.62 per gallon, about 32 cents more than this same time last year.
