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Michigan gas prices jump 12 cents overnight

gas pump
Posted at 6:24 AM, Mar 03, 2022
and last updated 2022-03-09 18:37:14-05

(WXYZ) — Gas prices are soaring and every day we are inching a bit closer to that $4 per gallon mark.

According to AAA, the state average is now at $3.74 a gallon, a nearly 40 cent jump from where we were last week.

AAA data shows that in metro Detroit, Oakland County is where you may end up paying the most for gas in metro Detroit as gas is currently averaging $3.78 a gallon.

"It is getting really expensive. It is almost $4. So it is kind of depressing," Brooke Lycan said.

Depressing, yet unavoidable for most drivers.

"Crude oil prices are hitting prices we have not seen in about 8 years," AAA spokeswoman Adrienne Woodland said.

Crude oil costs, according to Patrick Dehaan with Gas Buddy, account for 53% of what you pay at the pump.

17% goes towards various taxes, 18% goes towards transportation and retail costs, and around 12% goes to refining.

Patrick says a barrel of West Texas Intermediate crude oil recently reached $111.

"All of that happening because not only the Russia situation, but the transition to summer gasoline is also causing a big boost," he said.

And it's not just the pump where experts say we will feel the impacts of this conflict. It's also affecting the skies as jet fuel costs are expected to climb.

So don't be surprised if you start seeing more expensive plane tickets soon.

"You just got to ride the wave. Some places are actually $3.90, $3.93 already so I'm sure we're gonna be hitting the $4 mark. It wouldn't surprise me," local driver Chris Morgan said.