Michigan gas prices jump 23 cents ahead of Memorial Day weekend
(FOX 2) - Metro Detroit gas prices shot up 23 cents ahead of Memorial Day weekend, pushing the state average for a gallon of gas to $3.57.
We're nowhere near the $4.57 record-high recorded last year after oil prices spiked due to global instability from Russia's invasion of Ukraine. However, energy demand is going back up and oil prices are responding accordingly.
In Metro Detroit, the average price of a gallon of gas was $3.51 - one of the lowest prices in Michigan. The most expensive gas prices were in Traverse City at $3.65.
Drivers in Michigan are paying on average $53 for a 15-gallon tank of gas.
According to AAA out of Dearborn, demand fell over the past week, but so did gasoline stocks. AAA said oil prices rose "amid growing market optimism that global energy demand is rebounding, particularly since China is recovering faster than originally expected following the lifting of its COVID restrictions."
"While Michigan drivers are seeing a double-digit increase in pump prices compared to this time last week, prices have held steady over the past few days," said Adrienne Woodland, spokesperson, AAA. "If gas demand increases ahead of Memorial Day weekend, drivers could see pump prices move higher."
AAA is predicting more than a million Michigan residents will be driving for the holidays.