Michigan Gas Prices Are Up & Supplies Are At Record Low
Hopefully, you filled up your gas tank before the prices went up because gas is back up and it's not coming down for a while.
I had a feeling that gas prices were going to jump but I thought it would be a little closer to Thanksgiving for the annual holiday gouge. I certainly regret not filling up this weekend. I saw the signs at the gas stations this morning on the way in that had increased close to 40 cents per gallon.
Do you remember a year ago when gas was around $1.43? I miss those days bad and will probably never see that kind of price again. At that time the country was in a shutdown due to the pandemic and only essential workers were on the road at that time. Gas is now around $2 higher per gallon.
Since gas is something most everyone needs, I figured production for gas wouldn't slow down and that we would be in a surplus right now but apparently, that is not the case.
According to FOX 17, the reason for the gas prices being so high and will continue to rise, is crude oil prices have gone up plus supply and demand. There were production cuts last year in the United States. Plus midwest gasoline stockpiles have fallen to an all-time low and the lowest since November of 2014.
Hopefully, this will change sooner than later but with crude oil prices at over $80 a barrel, gas prices may continue to rise. When gas prices rise, so do all other products that have already been on the rise.
With gas prices continuing to rise, as well as groceries and other products families need, Michigan could be in a world of hurt moving forward so families better take a look at how they are spending now. I know I will be changing my spending habits moving forward.
According to Gas Buddy, it looks like Holland and Sparta have the cheapest gas...for now.