ANN ARBOR - Michigan consumers could be facing another round of economic pain as major oil companies and commodity traders warn that global petroleum inventories are falling to unusually low levels, raising concerns that crude oil prices could surge to $150 per barrel or higher if another major supply disruption occurs. For Michigan residents, the
DETROIT - Michigan drivers already angry over rising gasoline prices may not have seen the worst yet. That blunt warning comes as global energy executives, oil traders, economists, and shipping companies increasingly focus on one narrow waterway half a world away: the Strait of Hormuz. The concern intensified after ExxonMobil CEO Darren Woods warned that
WASHINGTON DC - Michigan drivers heading into the Memorial Day holiday weekend could soon face gasoline prices approaching $5 per gallon as the escalating Iran conflict rattles global oil markets and raises fears of prolonged supply disruptions through one of the world’s most important energy corridors. The national average price for regular gasoline has climbed
ANN ARBOR - Americans are now paying hundreds of millions of dollars more every single day just to fill their gas tanks—and a significant share of that money is flowing straight into the profits of global oil companies. Even before the latest price surge tied to tensions with Iran, the oil industry was already generating
DETROIT - Michigan drivers looking for quick relief at the pump may have to wait, even after Iran said it would reopen the Strait of Hormuz to commercial shipping on Friday. Gas prices across the state remain near their highest levels of 2026. The statewide average stood at $3.98 per gallon earlier this week, with
