MI Gas Prices Could Hit $5, As Biden Plans To Ban Russian Oil

MICHIGAN — Just as Michigan hit the $4 mark for average prices of gas per gallon, President Biden is expected to announce on Tuesday a ban on all oil imports from Russia this week. While the move will further cripple Russia's economy, it also makes $5 or $6 gas in Michigan a possibility.

Gas prices in Michigan jumped another 15 cents on average overnight to set another 2022 high at $4.18. The metro Detroit region also saw a 15 cent spike in gas prices overnight to equal the state's average at $4.18.

Experts warned that escalating tensions in the Russian-Ukrainian conflict and subsequent retaliatory measures by the U.S. and other world allies could push gas prices to record highs.

"It's possible but it's improbable. So worst-case scenario, maybe you can get to $5 a gallon in metro Detroit," Patrick Dehaan of GasBuddy told WXYZ. "I don't see that it's not in the pipeline yet, but that could change down the road if there's more escalations."

The Associated Press first reported news of Biden's decision, which could be announced as soon as Tuesday. The president's move comes on the heels of bipartisan pushback on Capitol Hill to ban Russian oil for their invasion into Ukraine.

Biden's expected move also follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.

In the delicate balance of isolating and crippling Russia's economy while stymieing inflation in America, Biden specifically highlighted the Russian energy carve-outs as a virtue because they would help to protect U.S. families and businesses from higher prices.

Reporting from the Associated Press was used in this report.