Michigan gas price growth plateaus; still at near-record levels

Michigan gas prices remain at record-high levels

While climbing gas prices have somewhat plateaued in their growth, their stagnation comes as U.S. prices on average and in Michigan remain at some of the highest levels ever reported.

SOUTHFIELD, Mich. (FOX 2) - The good news is that climbing gas prices have finally stalled out in the U.S. The bad news is that stagnation stills keeps the average costs for filling up someone's vehicle at record-high levels.

After weeks of what looked like an unstoppable trend of climbing prices of petrol, AAA reports that the average price fell a half-cent after hitting a record $4.326 on Saturday. In Michigan, prices declined to $4.24 a gallon.

In Michigan, it's 27 cents higher than a week ago and 89 cents higher than a month ago, coming out to an average of $63 for filling up a 15-gallon tank.

While the leveling out of price increases is a positive indicator that things aren't getting worse, sustained record-high levels means people who can't compensate for the price hike will need to be careful with how they plan our their trips.

According to AAA, crude oil "began to show some weakness" last week when prices declined on Wednesday. Yet, it remains under several pressure points keeping costs high, including Russia's invasion of Ukraine.

"After setting a new record high of $4.26 per gallon, Michigan gas prices dropped slightly," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Despite the slight decrease, Michigan drivers are still facing the highest gas prices in over a decade."

MORE: Check Michigan gas prices by county

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