Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 10 August 2012 [View all]Demeter
(85,373 posts)SO, THAT'S WHY IT JUMPED 40 CENTS..SO WHY DOESN'T IT GO BACK DOWN 40 CENTS?
http://www.freep.com/article/20120806/NEWS06/120806065/Michigan-gas-prices-should-drop-near-3-80-next-week-Enbridge-restarts-Midwest-pipeline?odyssey=tab|topnews|text|FRONTPAGE
The federal government has approved a plan to restart the downed Midwestern pipeline, which is expected to bring gasoline prices in Michigan down in the next week.
The current average for a gallon of unleaded gasoline in Michigan is $3.99, a jump $3.60 a week ago, according to the AAA Daily Fuel Gauge. The current national average is $3.61.
Experts says Michiganders can expect the price to drop to the $3.80s range in the next week, now that the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration has announced Enbridge can re-start the pipeline in Wisconsin.
"No question about it, it will lower prices (though) not as quickly as people want," said GasBuddy.com senior petroleum analyst Patrick DeHaan. "There will be relief because of this."
Enbridge spilled more than 1,200 barrels near Grand Marsh, Wis., on July 27, PHMSA said.