Michigan Gas Prices Hit $4.89 as Iran Conflict Drives Global Oil Deficit

Gas prices in Michigan have skyrocketed to an average of $4.89 per gallon, with some Metro Detroit stations already topping $5 a gallon.

The cost of diesel fuel is even more alarming, averaging $6.67 per gallon and reaching as high as $7 at many area gas stations.

According to Dr. Jason Miller, a professor of supply chain management at Michigan State's Broad School of Business, the main culprit behind the high gas prices is the ongoing war in Iran.

'It's the sort of double whammy,' Miller said. 'Oil prices are now around $100 a barrel, give or take.'

He attributed the situation to a combination of factors, including the damage to Russia's refining infrastructure and the resulting increase in US diesel exports.