Michigan gas prices near $4.60 a gallon ahead of Memorial Day travel
DEARBORN, Mich. (FOX 2) - Gas prices are still going up in Michigan, rising another 19 cents since last week.
Amid rising costs in products everywhere, fuel increases have been some of the most dramatic to see change over the past few months. Drivers in Michigan are now paying $4.57 a gallon.
It's only a cent less than the $4.58 that was reported last Thursday and now holds the current record for gas costs in Michigan. Unfortunately for metro Detroit drivers, the region is on the high end of the price range and those travelers are paying $4.59 a gallon.
"Tighter supply and increased demand pushed Michigan pump prices higher last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "This supply and demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices."
A 15-gallon tank of gas would cost about $68 to fill up.
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The figures couldn't come at a worse time with travel expected to rebound in a big way this summer. Despite high gas prices affecting more than half of travel plans next weekend, about 60% of America plans to go somewhere for Memorial Day Weekend - about 153 million people. That's according to a survey done by The Vacationer.
That's about a 118% increase from last year's survey. But COVID-19 surges inhibited that figure last year and the pandemic doesn't appear to be hampering travel to the same degree this year.
According to AAA, gasoline stocks in the U.S. fell by 4.8 billion barrels, while demand rose to 9 million barrels a day.
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While costs are high, threats of a recession from rising inflation in the global economy would be expected to drop the price of gas since economic activity would decrease, causing a drop in purchasing.
The cheapest gas prices in Michigan are in Grand Rapids at $4.56 a gallon.