DEARBORN, MI (WKZO AM/FM) — Gas prices in Michigan continue to soar, and are now at an average of $2.76 per gallon.
AAA says prices are up 12 cents compared to a week ago and prices are now the highest they have been since September of 2019. This price is 35 cents more than this time last month and 36 cents more than this time last year.
The national average continues to increase as crude oil prices march higher. Gas prices have also increased from longer-than-expected refinery outages due to historic winter storms that impacted the Gulf Coast. As refineries restart and resume normal operations, supply is expected to increase in impacted areas and should bring stability to pump prices. Until then, most drivers should expect pump prices to continue increasing at least through the weekend.
“Michigan drivers have seen gas prices steadily increase over the past few weeks due to rising crude oil prices,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “With Midwest refineries beginning the switch to the more expensive summer-blend gasoline and the Gulf Coast refinery outages still having an impact, motorists could continue to see higher pump prices through the week.”
At the close of Thursday’s formal trading session, WTI increased by 31 cents to settle at $63.52 — the highest settlement price since May 2019. Crude prices increased last week due to growing market optimism that as vaccines become more available, crude demand will recover.
