Michigan's gas prices spike up 56 cents a gallon in one week, AAA says
Michigan's gas prices jumped up 56 cents in the past week, in keeping with gas price spikes across the country, AAA-The Auto Club reported.
AAA issues its weekly gas price reports on Monday mornings.
Michigan drivers are now paying an average of $3.55 per gallon for regular unleaded gas. This price is 72 cents per gallon more than this time last month, and 51 cents more than this time last year.
For a 15-gallon tank of gas, this adds up to about $53.
GasBuddy, a fuel pricing tracker, also has been closely monitoring the sudden spike in prices.
"In just a week, consumers have seen gasoline prices surge at one of the fastest rates in years after oil prices spiked following U.S. strikes on Iran and the effective closure of the Strait of Hormuz," Patrick De Haan, head of petroleum analysis at GasBuddy, said Monday morning.
"With additional attacks across the Middle East over the weekend pushing oil above $100 per barrel for the first time in years, fuel markets are now rapidly recalibrating to the risk of prolonged disruption to global supply flows," De Haan said.
"As a result, gasoline prices in many states could climb another 20 to 50 cents per gallon this week, with price-cycling markets potentially seeing increases as early as today. Diesel may rise even more sharply, with increases of 35 to 75 cents per gallon possible as global distillate markets react. While the situation remains highly fluid, consumers are already beginning to feel the impact as energy markets adjust to this sudden escalation."
On the local level, gasoline prices in Metro Detroit are slightly lower than the state average this week. The current gas price average in the metro area is $3.49 a gallon, which is about 47 cents more than a week ago and 46 cents more than this time last year.
The most expensive gas price averages in Michigan this week are in Saginaw ($3.65), Lansing ($3.64) and Traverse City ($3.63).
The least expensive gas price averages in Michigan this week are in Marquette ($3.40), Metro Detroit ($3.49) and Benton Harbor ($3.57).
AAA says the record high price for gas in Michigan was $5.22 a gallon, recorded in June 2022.
