AAA: Michigan gas prices hit new 2022 high
DEARBORN, Mich. (WLNS) — Gas prices soared up by 18 cents this week, setting a new record high for 2022.
Currently Michiganders are paying an average of $3.55 per gallon for regular unleaded gas. This number increased by 33 cents from this same time last month, and is 79 cents higher than this time last year.
- Most expensive gas price averages: Saginaw ($3.58), Lansing ($3.58), Benton Harbor ($3.57)
- Least expensive gas price averages: Traverse City ($3.54), Metro Detroit ($3.54), Ann Arbor ($3.56)
On average, drivers are paying $53 for a full 15-gallon tank of gas.
According to new research from the Energy Information Administration (EIA), gasoline demand has increased from 8.57 million b/d to 8.66 million b/d.
Contributing factors to these gasoline price hikes include high demand combined with low supply.
However the primary factor effecting costs at the pump is the consistent increase in oil prices.
“Surging oil prices have put upward pressure on Michigan pump prices pushing them to the highest prices since September 2014,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “If crude prices continue to climb, pump prices will likely follow suit.”
Prices also jumped after Russia launched its military invasion of Ukraine. As the conflict intensifies with more sanctions and retaliatory actions, it is expected for oil markets to continue increasing prices of crude oil.