Economy
3:30 pm
Wed August 29, 2012

Michigan gasoline prices rising, Michigan Attorney General warns against price gouging

Michigan gasoline prices have risen 25 cents in the past week.

The price increase is tied to late summer driving demand and Hurricane Isaac disrupting oil production in the Gulf of Mexico.

The average price for a gallon of gasoline in Michigan stands at $4.08, according to GasBuddy.com.

Attorney General Bill Schuette says his office is monitoring gas prices, watching to see if a retailer moves beyond setting their prices based on supply and demand,  and starts gouging their customers.

“We watch and monitor it very carefully,” says Schuette,   “And that’s the message…with Labor Day coming up…don’t take advantage of Michigan consumers.”

Gasoline prices usually start falling right after Labor Day.   But a retail gasoline industry trade paper predicts it might take up to eight weeks before national gasoline prices fall to more seasonable levels.