Gas prices continue to rise across Michigan and experts say it may get worse

Posted at 6:13 AM, Oct 03, 2022
and last updated 2022-10-03 07:35:55-04

(WXYZ) — Gas prices continue to climb across metro Detroit.

Right now metro Detroit drivers are paying $4.21 on average at the pump. That's a 16 cents jump from last Monday.

Across the state, the statewide average is $4.17 a gallon. That's up 20 cents in just the past week.

On a national scale, Michigan has the 9th highest gas prices in the country and the highest prices east of the rocky mountains.

According to AAA, higher demand for gas with low supply and the fluctuated price of oil are the main reasons for the price hike.

Another issue driving up the cost is Hurricane Ian. Oil production was shut down in the Gulf of Mexico to prevent damage and currently, 9% of oil production remains shut down.

According to the Organization of the Petroleum Exporting Countries (OPEC), this may not be the last of the rising prices. The organization is set to announce collective oil production cuts in the coming days. The group could cut up to 1 million barrels a day which would be one of the most drastic reductions in oil production since the start of the pandemic.

AAA says if demand remains high while the supply tightens, drivers should expect gas prices to rise again this week. So if you see regular unleaded gas for under $4 a gallon, you may want to stop and fill up.

OPEC will be meeting on Wednesday to consider those cuts to oil production.