$4.25 Gas Prices Slam Michigan Drivers Amid Global Refinery Constraints

Michigan drivers are facing the highest gas prices in over a year. The average price of regular gasoline has hit $4.25 per gallon, up from $3.12 just twelve months ago. This represents a staggering 36% increase in gas prices over the past year.

The main culprit behind this surge is global refinery constraints and disrupted energy shipments through the Middle East. The conflict involving Iran has severely impacted oil production and trade, leading to higher crude prices.

According to the U.S. Energy Information Administration, refining costs have become a major factor in gasoline prices. Despite a recent decline in crude oil prices, global refinery capacity remains below prewar levels, exacerbating the issue.