As the cost of gas continues to be a leading concern nationwide, Michigan residents can find relief in prices holding steady for now. As of January 30th, gas in the Ann Arbor area is averaging at $3.03 per gallon according to AAA data. This is slightly higher than last month’s average of $2.97, but far below last year’s average of $3.48. Unfortunately, we can expect prices to slowly increase as we head further into the year.
In the Jackson area, prices are averaging today at $3.04, greater than last month’s $2.98 and less than last year’s $3.45 averages. Unfortunately, we can expect prices to slowly increase as we head further into the year.
Michigan’s statewide prices continue to hold below the national levels. The current nationwide average is sitting at $3.13 per gallon, just above Michigan’s average of $2.98 per gallon, which is 10 cents higher than last week. Although residents of the Great Lake State are beginning to experience greater costs after the holidays, overall gas prices in 2024 are predicted to be lower than last year’s.
As always, prices are subject to market fluctuations like change in demand, weather events, and geopolitics. Increased domestic production bodes well for lowering costs here at home, but as we enter an El Niño year with a predicted increase in hurricanes and other extreme weather events, we may face unexpected prices at the pump.
To see more about gas prices across Michigan, data from AAA can be found here.