Michigan gas prices reach record high averaging $4.31 a gallon statewide

That's up 30 cents in just the past week.
Posted at 6:12 AM, May 06, 2022
and last updated 2022-05-06 17:20:37-04

(WXYZ) — Gas prices climbed to a new record high in Michigan overnight.


The statewide average for regular unleaded gas now sits at $4.31 a gallon.

That's up 30 cents in just the past week.

There are many factors contributing to this price hike, one of them being the U.S. Energy Policy.

Another is the switch to summer-blend gasoline. And lastly, supply and demand issues on top of possible additional EU sanctions against Russian oil.

But regardless of the reasoning, drivers are once again feeling the pinch.

And for those who drive trucks or diesel cars the pain at the pump intensifies with diesel prices reaching well over $5 a gallon.

"A lot of it has to do with the continued rise in oil which is about 15 dollars per barrel higher than what it was two weeks ago. Combine with the fact gasoline inventory continue to decline," Patrick de Haan, Head Petroleum Analysis at Gas Buddy said. "Diesel inventory is at it's lowest levels in 30 years."

So the big question is will we see a decline in gas prices anytime soon?

De Haan says don't count on it.

"There's certainly more upside risk than downside risk right now because inventories don't look to improve anytime soon," he said. "We see gasoline and diesel inventory declining since the start of the year and the EU is likely to move ahead with the sanctions against Russian oil."