gasoline prices

The governor is declaring an energy emergency in the wake of high fuel prices around the state.

Michigan drivers are paying the highest prices at the pump since the summer of 2023, according to an analysis by AAA of Michigan.

From waiving the Jones Act to rerouting oil through the Red Sea, governments are doing their best to make up for the crisis in the Strait of Hormuz, but prices are still rising.

“Crude oil was at $65 a barrel. At the end of Friday, it was above $90 a barrel. Just to kind of put in perspective how much crude oil has increased within the last week and a half," said Adrienne Woodland, AAA Michigan spokesperson.

The average price of regular gasoline in Michigan dropped by 13 cents this week, according to an analysis by AAA Michigan.

The EPA has given Michigan and three neighboring Midwest states temporary clearance to stockpile and sell fuel types that are typically restricted during summer months.

When the BP Whiting Refinery was damaged by fire, a wholesale price spike eliminated the price drop that happened a couple of days before.

The national average price of gasoline has fallen below $4 a gallon. These are four key factors that could determine what happens next with prices at the pump.

Oil refineries have lost capacity over recent years, making it nearly impossible to increase supply and stabilize gas prices at the pump.

Biden wants Congress to give people a break on the federal gas tax for the summer. But economists say that won't translate into big savings at the pump — and could hurt efforts to curb inflation.