The pain at the pump continues to plague Michigan, with the cost of gas rising nearly 30 cents overnight.
The state’s average price of regular unleaded gasoline on Friday was $4.86, about 28 cents higher than the day before, according to the AAA-The Auto Club Group. That’s also up 90 cents from a week ago, when the average was $3.96 per gallon, and 33 cents higher than last month.
Dallas-based tech company and fuel price tracker GasBuddy said Michigan gas prices on Friday averaged about $4.87 per gallon for regular unleaded, up slightly from Thursday. Friday’s price is also about 87.7 cents from last week’s average of $3.99 per gallon and 99 cents more than last month’s price.
Gas has reached $4.99 a gallon in some places in Michigan, including Eaton, Branch, and Manistee counties, GasBuddy also reports.
What’s driving the rise
Patrick De Haan, GasBuddy’s head of petroleum analysis, said Thursday on X that the Great Lakes region, which includes Michigan, Indiana, Ohio, and Illinois, is “seeing signs of weakening wholesale gasoline prices. BP issued a statement that ops at the refinery are back to normal. I don’t foresee any further increases in these states. HOWEVER- WISCONSIN is likely to climb to $4.59-$4.79 very soon as it catches up. And to clarify- don’t foresee any immediate further increases- this could of course change with new developments.”
On Thursday, De Haan and other experts said this week’s price surge was being driven by fears that oil shipments will continue to be pinched through the Strait of Hormuz due to the U.S.-Israel war with Iran, declining gas inventories, and the sudden closing of the Midwest’s largest refinery as two other refineries are down for maintenance.
Nationally, a gallon of regular unleaded gas costs an average of $4.39 on Friday, according to AAA. The price is also up 9 cents from Thursday, 34 cents more than last week’s average, and 33 cents higher than a month ago.
GasBuddy reported the national average price for a gallon of regular unleaded gas on Friday is $4.41. That’s about the same from Thursday, but up 34.5 cents from last week, and about 33 cents higher from $4.08 last month.
A spike in oil prices has pushed the national average for a gallon of regular gas up nearly 30 cents, AAA officials said on Thursday.
“After ticking down for nearly two weeks, gas prices are going back up again with the national average seeing a 27-cent hike in one week,” the company said in a statement. “The national average is $1.12 higher than it was this time last year, as oil prices surge above $100/barrel with no indication of when the Strait of Hormuz will reopen. Gas prices are the highest they’ve been in four years, since late July 2022.”
AAA said gasoline demand rose last week from 9.05 million barrels per day to 9.10 million. Meanwhile, total domestic gasoline supply decreased from 228.4 million barrels to 222.3 million. Furthermore, gasoline production decreased last week, averaging 9.8 million barrels per day, it said.
AAA also said the country’s top 10 most expensive gasoline markets are California at $6.01 per gallon, Hawaii at $5.64, Washington at $5.57, Oregon at $5.15, Nevada at $5.12, Alaska at $4.92, Arizona at $4.67, Illinois at $4.66, Michigan at $4.58, and Ohio at $4.46.
The company said the top 10 U.S. markets for the cheapest gas are Oklahoma at $3.70, Kansas at $3.75, Georgia at $3.75, Mississippi at $3.77, Arkansas at $3.79, Louisiana at $3.80, Missouri at $3.83, North Dakota at $3.84, Texas at $3.85, and Alabama at $3.86.
cramirez@detroitnews.com
@CharlesERamirez
This article originally appeared on The Detroit News: Michigan gas price relief on way? Expert says they won’t go higher
Reporting by Charles E. Ramirez, The Detroit News / The Detroit News
USA TODAY Network via Reuters Connect
