Michigan gas prices set 2024 high; prices could spike more after Iran's weekend attack
OAK PARK, Mich. (FOX 2) - Michigan gas price averages reached a new high over the weekend before dropping slightly to start the week.
This new high comes amid fears that conflict in the Middle East will increase oil prices. Over the weekend, Iran, which produces about 4% of the world's oil, launched hundreds of drones at Israel.
Oil expected to rise in wake of Iran's attack on Israel
Concerns about Iran's anticipated attack on Israel pushed oil prices higher late last week.
Weekend averages hit $3.70. Drivers are now paying an average of $3.69 per gallon for regular unleaded gas, up 15 cents from a week ago. This price is 19 cents more than this time last month but still 2 cents less than this time last year. A full 15-gallon tank of gas is about $55, down about $3 from 2023's highest price last August.
Though oil prices dropped slightly Monday morning, concerns over increases as a result of Iran's attack remain.
"Michigan motorists are seeing higher pump prices, with the state average setting a new 2024-high," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If crude oil prices continue to rise, alongside tight supply, then gas prices will likely follow suit."
Highest gas price averages
- Marquette ($3.83)
- Jackson ($3.76)
- Lansing ($3.75)
Lowest gas price averages
- Traverse City ($3.61)
- Metro Detroit ($3.65)
- Grand Rapids ($3.71)