Steady Climb to Higher Spring Gasoline Prices is Under Way
This is a story that shouldn’t surpise anyone. Gas prices to rise just before summer and all the holidays…. sounds familiar?Â
The steady climb to higher spring gasoline prices is under way and a repeat of last year’s $3 a gallon is a strong possibility.
The average price for a gallon of regular in Metro Detroit reached $2.28 Monday, according AAA Michigan. That’s up 38 cents from a month ago and the highest price at the pump since Dec. 4.
Statewide, the average price for a gallon of gas is $2.30.
Pump prices are more than a dime higher than at this time last year, fueling concerns that Michigan drivers again could soon pay $3 a gallon — as they have the past two summers.
“Things might stay stable for a week,” said AAA spokesman Jim Rink, noting prices are only up 3 cents from a week ago. “But once we get into March, prices will go up and hit a peak in late May.”
Rink said it’s not a certainty that prices will top three bucks, but the fact they reached that level the past two years shows the market can sustain that price during the summer driving season.
The higher cost to make summer fuel, higher gas demand and speculators — those who buy and sell oil as an investment — push pump prices higher during the spring months, Rink said.