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Michigan gas prices set 2022-high, rising almost a dollar from last year

By and Jack Nissen
Published  February 7, 2022 7:04am EST
Consumer
FOX 2 Detroit

Michigan gas prices hit record-high in 2022

Michigan and Metro Detroit drivers might be surprised to find that gas prices have risen to their highest of the year and paying almost a dollar more per gallon of gas compared to last year.

DETROIT - A driver in Detroit should plan on spending about $50 to fill up a 15-gallon tank of gas this week, after prices at the pump hit a new high in 2022 and easily surpassed price points from last month and last year. 

This week, Michigan gas prices jumped $0.15 to an average of $3.37 per gallon of regular unleaded gas. It's about 20 cents higher than this time in January. 

But it's also $0.87 higher than this time last year, indicating that drivers are walking into a very different situation when they fill up their tank. 

Ironically, both supply and demand conditions are trending in directions that would normally show falling gas prices. Total stocks of barrels of crude oil rose last week while demand fell. 

That typically puts downward pressure on gas prices, but instead the opposite is happening. 

AAA says that tensions between Ukraine and Russia, a major oil-producing nation, are leading to the higher prices. Because the U.S. has threatened sanctions against Russia if it escalates conflict with its eastern European neighbor, the country may withhold available crude oil.

"Crude oil prices hit $90 a barrel putting upward pressure on Michigan pump prices pushing them to a new 2022-high," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If crude prices continue to climb, pump prices will likely follow suit."

National security aides at the White House have indicated an invasion could come "any day" and a conflict would result in thousands of civilian casualties. 

RELATED: Michigan gas prices rising the fastest in U.S.

AAA also said that OPEC, the oil-producing conglomerate, has announced last week it would not be following recommendations to boost output to meet demand. The current available gasoline is also 13% lower than at the end of January last year, another pressure point. 

The most expensive gas in Michigan is in Marquette, on the Lake Superior shore in the upper peninsula. Up there, it's $3.48. Then Lansing at $3.39 and Benton Harbor at $3.38.

Traverse City has the cheapest gas, but only by a little. A gallon of gas is $3.34.