Gas Prices Continue to Rise
Headed to the gas pump today? You'll be paying about fifty cents more a gallon that you would have just a few days ago. Gas prices in Michigan average $3.77 a gallon. That's higher than the national average of $3.56 a gallon, and it's expected to jump even higher all over the country.
The reason for the hike? Rising crude oil prices because of political issues in the Middle East, plus peak summer travel season. The price is up, and the supply is down.
It's been a rollercoaster year for gas prices. The year began with a national average of $3.29 a gallon and jumped to $3.79 by February. Prices then fell to $3.47 last week, and Michigan saw prices go even higher than that because of refinery outages in early June. Prices in most areas of the state were over $4.00 a gallon, and we could see that happen again very soon.
Experts say this hike in gas prices is not over yet, and expect the ride to continue through the summer.