LANSING, Mich. (Michigan News Source) – AAA advised that drivers should expect gas prices to continue increases this spring.
The national average for a gallon of gas went up and down slightly before settling at $3.53. As of late Saturday night, Michigan’s gas prices hovered higher at $3.61 per gallon.
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“Uncertainty of the impact of Ukraine’s targeting of Russia’s oil infrastructure likely spiked oil prices recently,” said AAA spokesperson Andrew Gross. “But those concerns have abated somewhat for now, and gas prices are settling into a pattern similar to last year when the usual seasonal increase was slow and steady.”
New data from the Energy Information Administration (EIA) shows gas demand dipped slightly from 8.81 to 8.72 million b/d last week.
Total domestic gasoline stocks increased by 1.3 million bbl to 232.1 million bbl. Lower demand would typically contribute to pushing pump prices lower or slowing increases, but rising oil prices have kept them elevated instead.
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