Could Gas Prices in Michigan Be On The Rise This Summer?

Could you imagine gas prices going any higher here in Michigan? They could, but I think we should all consider ourselves lucky.

Some states are currently seeing gas prices as high at $5.00 a gallon. Could you imagine filling up for that at the pump?

Current Gas Prices State of Affairs

Here in Michigan, as well as across the nation, we are seeing gas prices hovering at about $3.642. From last month, that is a small jump of only .3 cents more.

While a three cent jump isn't much, we have gone up .55 cents since January 1st of this year.

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Do you remember when prices were as low as $1.49?

Something to keep in mind as well, is we are currently on the winter blend of gas, which is a much cheaper blend. The summer blend is about to be redistributed out and that costs more to make, so in turn, you may see more from the pump.

Could Prices of Gas Go Up In Michigan?

While nothing is impossible, it doesn't seem very likely that we could see a huge increase at the pump. A report was released from The Street earlier this year though, and it expects averages across the nation to be as high as $5 a gallon.

The U.S. Energy Information Administration noted that their could be cuts in crude oil production if certain global risks don't calm down. That could keep the price of gas higher for us here in 2024.

In the long run though, the EIA has the average cost of gasoline to September hovering around $3.70 a gallon. So you shouldn't have to worry about a big increase at the pump.