Gas prices climbing, but not like 2008

GRAND RAPIDS, Mich. (WOOD) - When the weather warms and the flowers bloom, the sunglasses go on and the prices rise at the gas pumps. Or, at least it seems that way.

A spike at the pump is not unusual as families get ready for the summer driving season, gas price analyst Patrick DeHaan of GasBuddy.com told 24 Hour News 8.

"There's always some concern this time of year about refining and gasoline, being able to produce enough cleaner-burning summer gasoline, so that's why we're seeing the prices rise," he said.

Prices have increased about 89 cents per gallon compared to one year ago, but are down 59 cents per gallon from a similar point in 2008. The current average, according to GasBuddy.com, is $2.93 per gallon.

But the peak price -- DeHaan expects it to hit $3.10 per gallon -- should come during Memorial Day weekend.

Two years ago, that peak was $4.14 per gallon.

"It shouldn't be too bad," DeHaan said. "But the way the economy is, higher gas prices are never a fun thing."

Consumers typically change their spending habits as a result, skipping the restaurant and theater and choosing a meal at home and TV instead.

Ironically, most analysts say the fact the economy is showing signs of improvement that has gas prices on the rise.

"Oil prices have risen in correlation with the Dow Jones Industrial Average lately, so (higher gas prices is) one of those unwelcome signs of an economic recovery."

DeHaan also said the mortgage fraud case against Goldman Sachs could cause prices to fall, as Goldman Sachs is heavily invested in oil.