LANSING, MI (WKZO AM/FM) — If you are wondering why gas prices are fluctuating here in Michigan, it’s not due to the Colonial Pipeline cyberattacks experts say.
AAA Spokesperson for Michigan Adrienne Woodland says the state gas prices were changing due to the perceived threat of a shortage. Woodland went onto say that the two biggest factors impacting average prices were the cost of crude oil and the demand for gasoline, explaining how COVID-19 led to a drop in gas prices, when the state saw it’s lowest numbers in April of 2020, when prices were as low as a 1.41 a gallon.
“Initially, what we saw globally was the price of crude oil start to decline,” Woodland said. “When COVID-19 really hit the United States in about March and hit Michigan in particular, we started to see demand decrease as more and more states were putting in stay at home orders.”
Despite fluctuating prices, Woodland said average cost of gas across the state remained consistent over the last week, even dropping slightly in some cases.
“The spike is probably being seen in smaller areas because in general, the Michigan state average is currently $2.95 a gallon for regular unleaded,” Woodland said. “It has pretty much held steady at that price this entire week. Week after week, the Michigan state average is actually down a penny compared to the same time last week.”
Comments