Michigan sees highest gas price surge in the US
Increasing demand for gasoline and rising oil prices continue to push prices at the pump higher, and nowhere has the jump been greater than in Michigan.
Over the last week, prices in Michigan have surged more than in any other state, according to AAA of Michigan, up 30 cents since April 28 to $4.31. Ohio, with the second biggest surge, has seen prices rise 19 cents.
Other surges:
- Washington, D.C., 18 cents
- Pennsylvania and New Jersey, 17 cents
- Connecticut, West Virginia, Indiana, North Carolina and Vermont, 16 cents.
National average
The national average for a gallon of unleaded regular on Friday was $4.28. Demand for gas has increased slightly nationwide, while inventories have decreased slightly, raising prices again.
High oil and gas prices, partly due to uncertainty about supplies from Russia, are boosting the profits of major energy companies and feeding inflation around the world.
In March, gas prices hit an all-time high of $4.43 a gallon.
Oil prices
Oil prices are up more than 40% this year. Bigger increases have been held back by the U.S. and other members of the International Energy Agency releasing oil from strategic reserves and diminished demand due to COVID-19 lockdowns and other restrictions in China.
The price of crude oil accounts for about 60% of the price at the pump in the United States.
Michigan rises
The $4.31 a gallon price Friday in Michigan is more than 30 cents higher than a week ago and 32 cents higher than a month ago. A year ago, the average price per gallon in the state was $2.96.
Associated Press contributed.