Michigan gas prices climb, could go higher
Michigan gas prices went up 5 cents from a week ago, with drivers on Monday paying an average of $3.62 a gallon for regular unleaded, with some concern that prices could continue to rise, according to AAA, which tracks prices nationwide.
That works out to about $54 for a full 15-gallon tank.
“Despite the slight decrease in demand, Michigan gas prices are up compared to last week,” Adrienne Woodland, a spokeswoman for the auto club, said. “Pump prices will likely face upward pressure if gasoline stocks continue to decrease alongside rising oil prices.”
GasBuddy, which also tracks prices, found that the national average, after climbing for four weeks in a row, finally leveled off at $3.51 a gallon. The national average, GasBuddy found, is now up 16 cents from what it was a month ago.
“No April Fools’ joke: the national average price of gasoline has finally slowed a bit after four weeks of notable increases, stalling in the mid-$3.50s for the last week or two,” Patrick De Haan, the head of petroleum analysis at GasBuddy, said, calling it “not a bad week.”
De Haan, however, warned that folks in the mid-Atlantic and Northeast could “experience some sticker shock in a few weeks,” and to be prepared “for somewhat of a punch,” while the “rest of the nation, so long as we don’t see extenuating circumstances,” now may be “close to a top in prices.”
Nationwide, gas demand dipped slightly from 8.81 to 8.72 million barrels a day, but total domestic gasoline stocks increased by 1.3 million barrels to 232.1 million barrels, according to the Energy Information Administration.
Lower demand would typically contribute to lower prices, but a rising cost of oil could keep them high.
West Texas Intermediate oil, a benchmark used by oil markets, decreased by 27 cents to settle at $81.35. Oil prices fell after the EIA reported that total domestic commercial crude stocks increased by 3.2 million barrels to 448.2 million barrels.
Around the state, communities with some of the most expensive average gas prices were: Jackson, $3.66; Benton Harbor, $3.65; and Grand Rapids, $3.65. The least expensive: Marquette, $3.52; metro Detroit, $3.58; and Traverse City, $3.60.
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