Michigan Gas Prices Hit New Record High Of $4.38

(CBS DETROIT) -- Michigan gas prices are continuing to rise, reaching a new high of $4.38 a gallon on Monday.

According to AAA, the state's average regular gas price is 10 cents less than the national average of $4.48. The average price is 6 cents more than last week, 48 cents more than last month and $1.44 more than last year.

In Metro Detroit, the average price sits at $4.45. Last week, officials say drivers were paying an average of $64 for a full 15-gallon tank of gas, an increase of about $13 from when prices were highest in November.

"Tight gasoline stocks in the Midwest, coupled with rising demand and high crude oil prices sent Michigan gas prices soaring to a new record high," AAA spokesperson Adrienne Woodland. "Pump prices will likely face upward pressure as oil prices remain above $105 per barrel."

According to AAA, nearly every state is above $4 a gallon, primarily due to the high cost of crude oil.

"The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers," AAA spokesperson Andrew Gross said in a statement. "Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year."

AAA says data from the Energy Information Administration shows stocks decreased by 3.6 million barrels to 225 million barrels last week. However, the demand for gas decreased from 8.86 million barrels a day to 8.7 million barrels a day.

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