Spike In Gas Prices Shouldn't Last Long According To Analyst

DETROIT (WWJ) - Gas prices across metro Detroit have risen as high as 20 cents in the last week. Patrick DeHaan with Gasbuddy.com says don't expect that jump to last too long.

"Late last week we had a massive 18 cent jump in the wholesale price of gasoline, coupled with the margin that stations make, had been whittled down over the last week," said DeHaan. "And so the price hike was a combination of kind of a restoration of profit margin, and accounting for the 18 cent spike in prices; which leads us to these 20-40 cent increases all at once."

DeHaan said prices will start to decrease in the coming days.

"Prices will start to trickle down until we see the next hike, so if you are stuck looking at a gas pump that says $3.69 - hold off; in the days ahead prices may trickle down," he said.

While DeHaan said he expects prices will slowly start coming down in the coming days. Although he said "it's just a matter of time", before we see another spike in the prices.