x
Breaking News
More () »

Michigan gas prices hit new high, but temporary relief may be in sight

Gas prices have spiked again statewide. Michigan is now one of only ten states to rise above an average of $5 a gallon.

GRAND RAPIDS, Mich. — Gas prices have spiked again in Michigan, some stations charging as much as $5.19 for a gallon.

The statewide average is $5.05, a new state record. Michigan is one of only ten states to rise above $5 a gallon. 

Nationwide, the average price per gallon will surpass $4.90 on Monday, says Patrick De Haan, an analyst with GasBuddy.

"We're getting to that point where it's sticker shock. We've never seen prices this high and we're only about 20 cents a gallon away from inflation-adjusted records," De Haan says. "To put it into context, that's the pinch you feel when you fill up."

De Haan says our current $5.40 per gallon is the equivalent of $4.10 per gallon we saw back in 2008.

A short relief may be in sight, though. De Haan does say we could see prices go back down as early as the next 24 hours, as the price of oil and wholesale gas has gone down significantly Monday. 

"I do think that prices as we go through this week should start to decline a little bit. We could eventually see prices, at least temporarily, based on what I know, back under $5 a gallon by maybe next week," he said. 

    

Make it easy to keep up to date with more stories like this. Download the 13 ON YOUR SIDE app now.

Have a news tip? Email news@13onyourside.com, visit our Facebook page or Twitter. Subscribe to our YouTube channel.

Paid Advertisement

Before You Leave, Check This Out