by
Gas station at Mack and I-75 in Detroit on Saturday
As the Iran war rages on, gasoline prices across the nation have jumped 14 percent in the last week, resulting in an average of $3.41 per gallon, AAA reports. Michigan's average on Saturday was $3.45.
The prices were the highest since 2024 and, in Michigan, appeared to vary widely.
The Exxon gas station at Mack and I-75 in Detroit, near Eastern Market, on Saturday was selling gas for $4.39 a gallon if paid with a credit card and $4.29 with cash. Another gas station about a mile away was selling gas, if paid with a credit card, for $4.09 a gallon and $3.99 with cash.
Conversely, GasBuddy, which tracks the cheapest gas prices, showed one station in Metro Detroit — the Amex Duty Free station on Fort Street in Detroit — selling gas for $2.64 a gallon on Saturday, and a Mobil station on Dequindre Road in Madison Heights selling gas for $2.69.
The New York Times reports that the U.S. crude benchmark, called West Texas Intermediate, climbed more than 35 percent for the week to settle at $90.90 a barrel. A large share of that gain came on Friday alone.
The Times noted that the last time crude traded that high, gasoline in the U.S. was above $3.80 a gallon.
AAA reported that the last time the national average made a similar weekly jump was in March 2022, at the start of the Russia-Ukraine conflict.
OilPrice.com, a leading energy news site, reports that there are growing fears over the security of shipping through the Strait of Hormuz, a narrow waterway that handles roughly a fifth of the world’s traded crude.
