Metro Detroit gas prices keep rising with another spike in the past week
OU professor discusses possible Spirit bailout & Iran war economic impact
Oakland University Associate Professor of Management Michael Greiner joins FOX 2 Detroit Live to discuss the possible government bailout of Spirit Airlines and how it compares to the auto industry bailout of 2008-09. He also breaks down the impact the war in Iran is having in ways you might not think about.
(FOX 2) - Gas prices continue to surge around Michigan as energy markets roiled by the war in Iran continue to spiral amid travel disputes in key Middle East passageways.
In Metro Detroit, the average price of gasoline rose more than 24 cents per gallon in the last week, bringing the current average to $4.04 per gallon.
Gas Prices spike further
According to GasBuddy, the prices of gasoline span more than $1.50 per gallon, depending on where one is looking.
Local perspective:
The cheapest station selling gas in Detroit would land a motorist at $3.45 per gallon. That's the upside for the lucky drivers who know where to look.
Meanwhile, the most expensive gas is $4.99 a gallon.
While the figures are alarming, they are part of a national trend that has seen a dramatic surge in higher gas prices.
Big picture view:
Across the U.S., gasoline prices continued their rise, going up 7 cents over the past week, which brings the national average in line with Michigan's fuel costs at $4.04 a gallon.
Patrick De Haan said gas prices rose in 39 states over the past week.
"Oil prices have been climbing again as markets react to renewed geopolitical tensions and the cancellation of talks between the U.S. and Iran," De Haan said. "As a result, gasoline prices are set to rise further this week, with diesel expected to follow."
Here's how it looks around the region:
- Gas prices in Ann Arbor rose 18.1 cents to $4.05 per gallon
- Flint saw a larger jump of 31.8 cents to $3.99
- In nearby Toledo, prices climbed 26.3 cents to $3.86 per gallon
De Haan added that Great Lakes gas prices could soon hit their highest levels since 2022.
The Source: GasBuddy was cited for this story.
