If you live in Metro Detroit, you may be in for a bit of a shock when visiting your local gas station. For the first time in Michigan's history, gas prices are hitting — and surpassing — the $5 a gallon mark, according to WXYZ7.
At the Shell gas station on Telegraph Road and Maple Road, gas hit $5.09 for those paying with cash, and $5.19 for those paying with a card. The Macomb County Speedway gas station at Donner Road and 23 Mile Road, the Oakland County Shell on Beck Road at I-96, and the Wayne County Marathon at Telegraph Road and I-96 have all hit $4.99 a gallon. This is the first time gas prices have breached the $4 a gallon mark since 2008, according to CNN.
What makes the issue even more shocking is the fact that just yesterday morning (June 2), people were paying $4.84 a gallon, which was already up a nickel from the day before. A week ago, the average price was $4.60 a gallon.
Russia is one of the largest oil exporters on the planet. Although very little of their oil actually went to the U.S., oil is priced on global commodity markets, meaning the loss of Russian oil affects prices around the globe.
Luckily, the Organization of the Petroleum Exporting Countries agreed to ramp up production to try to bring down the prices.