Michigan gas prices may reach $3 per gallon over the summer

News

Local gas prices increased by more than $0.20 per gallon from just a week ago, shooting the average price per gallon of regular unleaded in Lansing to $2.83 – the highest in years.

Gasbuddy.com officials blame this recent price hike on overseas unrest regarding Syria and China, but many other factors right here in America, both planned and unplanned, could cause us to pay up to $3 per gallon over the summer.

Mark Griffin with the Michigan Petroleum Association says crude oil prices continue to climb, and it’s causing the entire country to feel the pinch.

“It’s pulled our costs up, not only in Michigan, but across the country gas prices are more expensive on average.”

Unfortunately, it’s not just crude oil and world issues creating rising costs at the pump. Gasbuddy.com says many other factors are causing prices to soar, such as U.S oil inventories down by 20%, refinery maintenance currently underway, and the switchover to summer gasoline.

When adding that Michigan is the 7th highest taxed state for gas and with larger transportation costs to get the fuel here, it’ll be tough not to see how prices won’t kept creeping up when all factors are involved.

Griffin says it’s impossible to forecast, but with all these factors it shouldn’t be surprising if $3 per gallon is seen this summer, especially if something unplanned happens.

“The marketplace for crude is driven up by unusual factors outside of normal supply and demand. A hurricane, a refinery fire, unrest somewhere could make those numbers go outside of the norms.”

The national price per gallon average for regular unleaded is $2.68, also the highest since august of 2015.

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