What are the current gas prices in Michigan?

What do you expect gas price wise in Michigan for 1st quarter 2025.

What will the Trump administration mean for the petroleum industry?

What is the latest news on the Keystone Pipeline?

Tony Conley and Patrick DeHaan discussed the current state of gas prices in Michigan and the national average, with a focus on the potential for sub-$3 prices in the coming weeks. They also explored the challenges faced by refineries, the potential impacts of President Trump’s policies on the petroleum industry, and the benefits of deregulation in the oil and gas sector. Lastly, they reminisced about their 16-year journey together and emphasized the importance of exploration for future energy production.

Michigan Gas Prices and National Trends

Tony Conley and Patrick DeHaan discussed current Michigan gas prices and the national average. Patrick noted that Michigan’s gas prices were slightly above the national average, with the statewide average being about 310 cents per gallon. He also mentioned that gas prices had increased due to the price of oil jumping back over the $70 barrel mark. Patrick predicted that there might be another window of opportunity for sub-$3 prices over the next few weeks. He also compared the average American wage with gas prices, noting that it takes Americans about 5.4 minutes to buy a gallon of average price gasoline, which is among the lowest levels since 2016. Patrick also discussed the disparity in gas prices around the country, with Mississippi and Oklahoma having the lowest prices, and California having the highest. Finally, Patrick mentioned that gas prices vary dramatically around the world due to different taxes on gasoline.

Refinery Challenges and Industry Impact

Tony and Patrick discussed the challenges faced by refineries, particularly their age and the potential for modernization. Patrick explained that refineries are energy-intensive and can take days to recover from power outages, leading to significant drops in gasoline production. They also discussed the high cost of building a new refinery and the potential decline in profitability due to the transition towards electric vehicles. Lastly, they touched on the potential impact of Donald Trump’s policies on the petroleum industry, with Patrick suggesting that increased drilling could take years to manifest and that tariffs on Canadian oil could have a catastrophic effect on refineries in the Great Lakes region.

Trump’s Impact on Petroleum Industry

Tony and Patrick discussed the potential impacts of President Trump’s victory on the petroleum industry, both in the US and globally. They highlighted the risks of Trump’s policies, such as tariffs on Canadian and Mexican crude oil, which could disrupt longstanding relationships with these countries. They also discussed the potential benefits of Trump’s administration, including the possibility of ending Russia’s war in Ukraine and the potential for deregulation in the oil and gas sector. Patrick emphasized that while the next four years will be interesting, it’s difficult to predict the exact outcomes due to the many factors at play. They concluded that, on average, gas prices are expected to be moderately lower in 2025 compared to 2024, but there will still be seasonal fluctuations.

Gas Buddy’s Journey and Price Hikes

Tony and Patrick DeHaan, the Gas Buddy Guy, reminisced about their 16-year journey together. Patrick shared his early experiences with Gas Buddy, including his frustration with price volatility and his decision to start researching gas prices. He explained how Gas Buddy’s price hike alert system helps motorists save money by finding cheaper gas stations. Patrick also discussed the Biden Administration’s executive orders on drilling, emphasizing that restricting new drilling doesn’t necessarily impact current prices but hampers future energy production. He highlighted the importance of exploration to identify natural resources like oil and gas reserves. Tony encouraged listeners to download the GasBuddy app and follow Patrick on X. They agreed to meet in person for a Bourbon and cigar in the future.