GRAND RAPIDS, Mich. — Gas prices are declining slightly after a 2024-high, to the relief of many Michigan drivers. But what's next? Our expert answers.
On Saturday, gas prices hit this year's high at an average of $3.57. This week, Michigan drivers are paying an average of $3.56 per gallon for regular unleaded.
Our current price, though it is lower, is still up 11 cents from last week and 31 cents more than this time last month, AAA says. Drivers are now paying an average of $53 for a full 15-gallon tank of gas. That's $5 cheaper than 2023's highest price, which was in August.
The reason for the surge in prices was growing gas demand and tighter supply, GasBuddy analyst Patrick DeHaan said. Still, the price increase was quite dramatic in our area.
"Last week, [prices] jumped to $3.69. That caught even analysts like myself a bit surprised considering the fact that other states which tend to go up in unison with Michigan, other states went up but $3.49 instead of $3.69," said DeHaan.
DeHaan said the increase was no cause for concern. It's simply part of the natural ebbs and flows of prices.
"We were due for what we call a price cycle. It had been about a week prior to last time prices jumped up at the pump," he said. "The good news is prices are receding as they should, I think. The amount that gas prices were raised to was a little bit unwarranted."
While you have a little relief now, you may see another jump soon. DeHaan said possibly starting next week.
"We will be making the final step in that transition towards summer gasoline and with it, there couldn't be another jump. But again, I'm not expecting anything record setting gas price in Grand Rapids," he said.
Grand Rapids was among the most expensive cities in Michigan for gas, at an average of $3.63 per gallon, tying with Lansing. Saginaw trailed behind at $3.60.
The least expensive cities include Metro Detroit at $3.48, Marquette at $3.49 and Traverse City at $3.52.
"We continue to watch for the restart of BP's Whiting Refinery... that could help keep the price increases in check. In recent weeks. It's been discussed that BP should be in the process now of restarting that largest refinery in the Midwest," said DeHaan.
"That's good news for motors in the weeks ahead and eventually could lead to an end to these seasonal increases," he said.
Your local gas prices can be found on AAA.com here.
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