Gas prices set a yearly high for 3rd straight week in Michigan; what's driving the spike?

Posted at 6:26 AM, Mar 18, 2024
and last updated 2024-03-18 10:57:34-04

Gas prices are continuing to rise as Michiganders gear up for spring break travel.

According to AAA Michigan, prices have reached a new high for the year for the third straight week.

In Michigan, the statewide average for regular unleaded gas is around $3.65 per gallon, up 9 cents from last week and 44 cents higher than a month ago.

In metro Detroit, prices are at $3.59 per gallon, which is still 10 cents higher from this time last week and 35 cents higher than last month.

"It's very frustrating, especially with the inflation of groceries and everything, we don't need gas to get any higher," Onyx Evans, a local driver, said.

According to new data from the Energy Information Administration, gas demand has also increased while total gas stocks have drops.

It's not just that driving prices. It turns out, this spike is an annual calendar event.

Gas rises this time every year as oil retailers switch from cheaper winter fuel to more expensive summer fuel.

"They're always spiking and they'll come down but it's constant," Darryl Traver said.

Experts say we should see gas dip below $3 per gallon later this year.