Rising gas prices hit Michigan ahead of July 4 travel weekend
Gas prices are at a 4-month high
As the seasons change, more people are expected to make travel plans for the warmer days ahead.
Michigan’s roads are expected to be busy this week as some 2.3 million of the state’s residents will be on the road for Independence Day weekend. At the same time, gas prices are rising — an average of 16 cents per gallon higher than last week, according to AAA.
The price of regular unleaded gasoline on Monday: $3.67. That’s 6 cents more per gallon than the same period last month and 11 cents more than a year ago. And if you calculate the price per tank — 15 gallons — that works out to about $55 per tank.
“Rising crude oil prices have led to higher gasoline prices across Michigan ahead of Independence Day,” said Adrienne Woodland, a spokeswoman for the auto club. “Prices at the pump will likely continue to rise this week as a record number of motorists fill up for their holiday trips.”
West Texas Intermediate, an important oil index for commodity trading, rose by 7 cents to $80.90 per barrel, up from $78.50 two weeks earlier. And crude oil inventories rose by 3.6 million barrels compared to the previous week.
Some analysts speculate that a military conflict between Israel and Hezbollah could affect crude oil supplies. For example, Hezbollah could attack Israel’s offshore gas production, and Israel could attack Iran’s oil production in response.
More: A record 2.6 million Michigan residents expected to travel on July 4: What you should know
In addition, gas demand fell by 9.38 million barrels per day to 8.96 million. At the same time, total domestic gasoline stocks rose from 231.2 million to 233.9 million barrels.
In the Detroit metropolitan area, average prices also rose to $3.59 per gallon, about 5 cents more than a week ago.
And across the state, gas prices were highest in Jackson at $3.75 per gallon, Grand Rapids at $3.74 and Lansing at $3.74. They were cheapest in Marquette at $3.53, metro Detroit at $3.59 and Benton Harbor at $3.69.
Contact Frank Witsil: 313-222-5022 or [email protected].
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