Michigan gas prices jump to more than $4 per gallon to second highest in the country
Everyone with a car or a view of a gas station likely noticed the recent painful spike in gas prices in Michigan.
The average per-gallon price in the state shot up 23 cents in the past week to $4.10, well above the national average of $3.64 and second highest in the country behind Hawaii, according to an MLive report.
Melanie Maxwell | AnnArbor.com
“People aren’t sure how long it will be or what’s going on,” Patrick DeHaan, a senior petroleum analyst at Gasbuddy.com, told MLive.
The president of the Michigan Petroleum Association told MLive that Michigan gas stations are having difficulty absorbing the higher wholesale fuel prices, and some are selling gas at no profit or even at a loss in order to attract business to their convenience stores.
According to a report in USA Today in May, high gas prices can also slow the broader regional economy. When customers are spending more at the pump, they tend to spend less elsewhere, leading to a drag in overall consumer spending.
The lowest gas price in the state as of Monday afternoon was $3.74 per gallon of regular unleaded for members at the Sam’s Club on Carpenter Road, according to MichiganGasPrices.com. The highest price in the area was $4.19 at a BP on Ecorse Road in Ypsilanti.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at firstname.lastname@example.org. Follow him on twitter @BFreedinA2.