Sharp increase in gas prices expected for Midwest

By WEEK Producer

Sharp increase in gas prices expected for Midwest

August 1, 2012 Updated Aug 1, 2012 at 2:43 PM CDT

PEORIA, Ill. -- If you need to top off your gas tank, you might want to do it as soon as possible.

A report out by GasBuddy.com says gas prices will rise sharply in the next 48 hours in the central Illinois area and the Midwest.

"I expect a majority of gas stations to have increased prices at least 10-35 cents per gallon by Friday evening with most stations starting to raise prices as early as Thursday morning," said Patrick DeHaan, Senior Petroleum Analyst at GasBuddy.com.

DeHaan says some areas in Michigan and Indiana may reach $4 per gallon by the end of the week.

What's the explanation behind the price hike? DeHaan says the shutdown of a pipeline that runs crude oil from Canada to Chicago is affecting retail prices.

"While this situation will be temporary in nature, prices will remain high as long as these problems continue," DeHaan said.

Gas prices have risen approximately 61 cents per gallon since July 25.