(WXYZ) — Gas prices have increased 40% since February 25, 2022. That day marks the second day of the now 100-plus day Russian invasion of Ukraine.
At the time, average gas prices were sitting at $3.57 a gallon.
Right now, the average price in metro Detroit is $5.30. This is about 15 cents higher than last week.
To cool the recent spending and curb inflation without putting the economy into a recession, the Federal Reserve is expected to raise interest rates by half a percent.
The prices are hurting everyday families just trying to get to work and provide for their families.
Right now, Michiganders are averaging 62% more on gasoline.
The big question now: when will we see $3 gas prices again?
Patrick de Haan of GasBuddy says not for a while.
"There's pretty good odds. But maybe not for a year or two or three until investments start going back up," he said.
The pandemic and the war in Ukraine are some of the reasons why prices are so high. Add to that supply and demand and it creates the perfect storm.
"Part of the reason is gas supply in Michigan, and in the Great Lakes, is at its lowest season level ever recorded. We are going into the summer with the least amount of gasoline we've ever had and those records go back to 1990," Patrick de Haan said.
Not only are prices rocking people at the pump, they're also impacting people in the checkout lanes at the grocery store.
American families are now spending $346 more per month than they were last year for the same goods.
"So pretty much across the board. There's no type of business that is not being impacted by inflation right now," Kristen Mcgrath of Retail Me Not said.
Groceries are up nearly 12%. It's the largest spike in cost since 1979 for kitchen staples like eggs, meat, and bread.
And as the summer days start to clock in and people hit the road regardless of the gas prices, any disruptions that hit the U.S. could cause havoc.
"Any refining issue we see this summer is likely to send gas prices skyward. Or, a major hurricane, because hurricanes can cause shutdowns of refineries," Patrick de Haan said.
