Refinery Issues Drive Gasoline Price Spikes in Great Lakes

Gasoline prices rose sharply across the Great Lakes region over the past week, driven by refining issues in Illinois and geopolitical tensions in the Middle East. In Michigan, statewide averages surged by 33 cents to $4.82 per gallon, with Metro Detroit prices reaching $4.87 and some stations hitting $5 per gallon. Indiana also saw increases, with the statewide average climbing 12.8 cents to $3.97 per gallon and Fort Wayne prices reaching $3.99.

GasBuddy reported that these regional spikes contrasted with a stable national average of $4.24 per gallon. However, diesel costs rose more broadly, with national prices increasing four cents to $6.34 per gallon, while some regional diesel prices exceeded $7 per gallon, increasing costs for local service businesses.

Patrick De Haan of GasBuddy noted that while the regional refinery situation is beginning to clear up, global oil market uncertainty regarding OPEC demand revisions and the Strait of Hormuz continues to pressure costs. Brent crude oil prices have pushed above $100 per barrel, leading analysts to expect national gasoline prices to remain above $4 per gallon in the near term.