Gas prices soar

It’s hard to imagine but just 10 years ago, the national average for gas prices was just $1.43.

But at today’s pumps, that would only give you about one-third of a gallon. Gas prices have gone up 54 cents in the past month in the state of Michigan. Residents in the Marquette County area paid about $4.20 on average. Those figures are shockingly close to Hawaii’s $4.36, the highest priced pumps in the country.

This comes as surprise considering the U.S. has found a number of new crude oil deposits with supplies at some of the highest levels since 1930. But those factors only contribute to 59% of the retail price. Distribution, marketing, and refining make up 28% of the cost, and those areas have seen record highs as of late, leading to major hikes throughout the industry.