Michigan gas prices just below 2021-high as 15-gallon tank nears $50
A view of a BP gas station in Queens Borough of New York City. (Photo by Ron Adar/SOPA Images/LightRocket via Getty Images)
DEARBORN, Mich, - Michigan gas prices are lower than the recent 2021 high of $3.31 a gallon a week ago, but only by a cent.
Michigan drivers are paying an average of $49 for a full 15-gallon tank of gasoline; an increase of about $10 from when prices were their highest last January. It's also 11 cents more than this time last month.
The tri-county area saw some of the higher costs, including Wayne at $3.342 a gallon, Oakland at $3.396 a gallon, and Macomb at $3.342 a gallon. Southwest Michigan and the UP had more favorable prices.
What's going on?
According to the Energy Information Administration (EIA) the demand for barrels of crude oil has risen by nearly 45,000 barrels while the supply has decreased by over 2 million.
Market factors are volatile due to a number of reasons:
Increasing tension in the Middle East, after Israeli military jets struck alleged rocket launch sites in Lebanon are part of the reason.
There are also concerns about the impact of rising global COVID-19 infection rates on crude demand.
Adrienne Woodland, spokesperson, AAA-The Auto Club Group said "Tightening supplies, alongside increased demand in the region, have Michigan drivers seeing some of the highest pump prices so far this year."
All of these reasons make Michiganders pay the highest price for gas in years.
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