(WXYZ) — According to AAA, the average gas price in Michigan right now is $5.21. That is a 51-cent increase from last week when the average was $4.70.
In metro Detroit, the current gas average is $5.26 and experts say it's going to get worse before it gets better.
Goldman Sachs is forecasting that crude oil prices could hit $140 a barrel between July and September. Crude oil prices are currently $120 per barrel.
"This overall era of high prices could stick around for several years," Gasbuddy's Head Petroleum Analyst Patrick de Haan said.
Right now, Americans are spending over $700 million more on fuel every day compared to this time last year.
There's no relief in sight due to soaring demand overseas and supply concerns in part due to the war in Ukraine. And with hurricane season right around the corner, prices could go even higher.
"Keep in mind if a hurricane hits refineries or oil production, it could take months for supply to get back to normal," Patrick de Haan said.
On Tuesday, Biden's Treasury Secretary Janet Yellen called to Capitol Hill to explain how they're going to fix inflation.
"I think that bringing inflation down should be our number one priority," Yellen said. "And President Biden had an op-ed on inflation and in recent remarks has indicated it is our top priority."
The high gas prices have ride share drivers protesting. Many are asking companies like Uber and Lyft to increase their rates.
"People started doing their math and therefore they say I can't operate at a dollar and some change uber and Lyft are giving us," Uber driver Tony Glover said.
And as gas prices continue to climb, more Michiganders will begin taking a closer look at their spending habits.
