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Frank A. Douglass Insurance Agency

Gas prices stabilize

AAA is reporting that gas prices decreased five cents statewide last week to $3.25 per gallon. Marquette’s average, which measures all markets in the Upper Peninsula, is about a cent lower. The Copper Country has routinely trended well below that number. A check of the Gasbuddy app shows that prices in the Houghton/Hancock area range between $3.08 and $3.19.

The price at the pump has been a relative bright spot this summer compared to the rest of Michigan and the UP. Even here, though, the cost to fill up is higher than it has been for most of the past five years. Automakers have ditched the sedan for crossovers, SUVs, and pickup trucks that get fewer miles to the gallon. The shifting mix of the area’s automotive fleet stands to exacerbate the change.

Transportation costs for retail goods typically get passed on to the consumer and the inflation rate is at decade highs. The Bureau of Labor Statistics estimates a 5.4% annualized increase in July. Wages are not keeping pace, growing at 4% on an annual basis last month.

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