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10/7/22 - Gas Prices Rise By Double Digits This Week

Friday, October 7, 2022 at 6:22 AM

We are paying more for gasoline this week, making us one of the top 10 states to see price increases. Image courtesy of Unsplash. 10/07/22.

If you feel you're paying more at the pump, you are. Gas prices have increased by double digits over the last week. Will it end soon?

Since Monday, gas prices in Michigan have gone up, in some places by double digits. 

AAA reports since last week, we are paying an additional 17 cents a gallon, putting us in the top 10 states in the nation to see price hikes.  While our average for a gallon of self-serve regular stands at $4.36, the national average is around $3.89 for that same fuel.  Drivers in Kent County are paying around $4.37 for  gallon of gas, while residents in Berry County are paying $4.48.

While we enjoyed lower fuel prices over the last four months, prices have steadily increased.  Typically when we see lower demand due to winter months, we see prices go down.  However, oil companies put off maintenance for several months, and now almost one fifth of the nations refineries are off line to make those repairs.

Couple that with OPEC announcing they are slashing oil production by two million barrels of oil a day.  AAA says the exact impact of the production cut on crude prices and domestic gas prices will depend on how the market interprets the reduction of oil production by OPEC.

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