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Could the tension between Russia and Ukraine raise gas prices?

Could gas prices in Michigan hit five dollars a gallon? Petroleum Industry Analyst Patrick Dehaan doesn't think it's likely. But he admits it's a possibility if Russia invades Ukraine. 

 

He says no matter what happens with Ukraine, you can expect prices at the pump to keep climbing in the spring and summer months.

 

But we are still setting ourselves up for a relatively pricey summer, beyond the geopolitical tensions we have seasonal factors that are going to come into play as temperatures warm up. Dehaan said. “Between the start of March and Memorial Day gas prices on average over the last 10 years  prices have increased between 25 to 75 cents a gallon, so we still have seasonal factors that will likely boost prices but much of how high we go is contingent on Russia's next move.”


Dehaan says average gas prices in Michigan are now around 3.35 a gallon.

 

And with demand for gas expected to grow as more people get back on the road, you can expect prices to hit four dollars a gallon, at least temporarily.

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