Jul. 3–Gas prices continue to rise in Michigan as thousands prepare to take to the road if they haven’t yet already on Wednesday, July 3.
As of 11:30 a.m., GasBuddy reports that the average cost for a self-serve gallon of gasoline is going for $2.88 in Michigan. This is about 14 cents higher than the national average, and represents an increase of about 5 cents in the last 24 hours.
The national average is up by 6 cents in the last week after six consecutive weeks of declining prices.
GasBuddy reports that the cheapest gas in the state can currently be found at $2.29 at two stations in Holland and one in Hamilton.
This spike in prices at the pumps comes after several warnings from GasBuddy and its head of petroleum analysis Patrick DeHaan.
“The stage was set for a nearly perfect holiday — gas prices hit their 7th straight weekly decline, oil prices had dropped as low as $51, every state had seen notable declines at the pump, it really couldn’t get a whole lot better as we approach July 4,” DeHaan wrote in a blog post.
“But then Iran attacked two oil tankers and shot down a U.S. drone and markets panicked, sending oil prices higher and now we’re suddenly under the threat of rising gas prices again amid escalating tensions with Iran and talks with China on trade, leading to higher gas prices just as millions hit the road to celebrate the holiday.”
AAA pointed to crude oil prices, supply, demand, Philadelphia Energy Solutions and organization within the Petroleum Exporting Countries as the cause for rising prices.
Jeanette Casselano, spokesperson with the auto club, added in a statement that prices could continue to rise throughout the month due to refinery interruptions.
“For the more than 41 million motorists hitting the road this week to celebrate the Independence Day holiday, they will find gas prices cheaper than Memorial Day weekend, but more expensive than they’ve been paying the last few weeks,” Casselano said in a AAA news release.
See below for a rundown of prices from around Michigan as of Wednesday morning, courtesy of AAA:
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