Currently the average gas price in Michigan is currently at a $5.04 per gallon, which is 20 cents higher than the national average gas price of 4.84. According to AAA Gas Prices, the highest average-priced county in Michigan is Wayne county, at $5.13.
Sadly, gas prices are not expected to be going down in price in Michigan until after the summer.
As summer vacations go into full swing, that means there will be more demand for gas. According to AAA, 80 percent to 90 percent of summer trips are made via motor vehicles. In addition, supply is down by 9.6% according to GasBuddy. This creates a lot of pain for customers at the pump.
According to JP Morgan, gas prices are predicted to surpass $6 nationwide by August. That means some parts of Michigan could see gas prices rising to $7 or even $8 per gallon.
Some Good News
Hope is in sight. Once the conflict in Ukraine comes to a close, A big one that is out of consumers’ control is the war in Ukraine. Once the war ends, oil prices—what we pay as consumers at the pump — will likely decline. (source)
In addition, gas prices are expected to level off at some point after summer vacations come to a close.
What do you think about gas prices? Is there anything that we can do as consumers about these price increases?
Please feel free to share your thoughts in the comments.If you found this article helpful, please share it with friends or family on social media. Thanks!
Disclaimer: Please note that this article is only for educational and informational purposes.