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Economy

OUCH! Michigan gasoline prices close to record high

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Steve Carmody/Michigan Radio
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Motorists are within a few pennies of paying more for gasoline than ever before in Michigan.

After another 10-to-15 cent spike today, Michigan’s average price for gas stands at $4.21 a gallon. The all-time record is $4.26 set back on May 3rd, 2011.   

The higher pump prices are hurting everyone, including gas station owners.

“Quite frankly, gasoline has not been anything much more than a 'loss-leader' for most stations for a long period of time now,” explains Mark Griffin, president of the Michigan Association of Convenience Stores, “They make their money off the in-store sales, not at the pump.”

Griffin says when customers pay more at the pump they spend less inside the store.

Refinery problems are blamed for the 30-cent increase in gasoline prices in Michigan since last week.

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