Gas prices hit new high for 2022 in Michigan, AAA says
Gas prices in Michigan reached a new high for the year, jumping 18 cents an the average of $3.55 this week from last week, according to AAA.
The new average is 33 cents more than from the price a month ago and 79 cents higher from this time last year.
Motorists in the Great Lakes state will now be paying an average of $53 for a 15-gallon tank of gasoline — an increase of about $2 from November.
An increase in demand on a reduced supply of gas contributed to price increases, and so did Russia's invasion of Ukraine. Sanctions were placed on Russia, one of the world's leading oil producers, after it attacked its neighbor last week.
"Surging oil prices have put upward pressure on Michigan pump prices pushing them to the highest prices since September 2014," said Adrienne Woodland, spokeswoman for AAA-The Auto Club Group, in a statement. "If crude prices continue to climb, pump prices will likely follow suit."
After the invasion on Thursday, WTI crude oil increased by 71 cents to settle at $92.81 after climbing above $100. In early afternoon trading Tuesday, the price per barrel was just under $97. The oil market has remained volatile as Russia continues its military action, pushing other countries to increase sanctions.
Metro Detroit’s gas price average has hit $3.54 per gallon, about 14 cents more than last week’s average and 79 cents more than this same time last year.
GasBuddy Petroleum Analyst Patrick De Haan told reporters last week he expects prices to hit $4 by spring as a result of the Russian situation, the switch to the summer gasoline blend, which is more costly but mandated by the Environmental Protection Agency, and an increased demand in gas as consumers get ready to hit the road more in the spring and summer.