GRAND RAPIDS, Michigan. — It’s Tuesday, which means we’re tracking gas prices around West Michigan. The average price for a gallon of unleaded gas in the area is $3.24. As gas prices continue to decline this week, it appears that Thursday or Friday will be the best days to fill up before prices rise again toward the end of the weekend.
A summit between President Trump and Russian President Vladimir Putin could have big implications for gas prices here in West Michigan, thanks to a country nearly 2,500 miles away from Russia.
“Now, President Trump is promising to raise sanctions on India to potentially 50% in the next week and a half, if they don't stop buying Russian oil,” GasBuddy Analyst Patrick De Haan said. “There’s a lot at stake here.”
De Haan said that with Russia’s ability to produce nearly 10 million barrels of oil a day, and now with secondary sanctions on countries like India, which buys a lot of Russian oil, this could cause a major disruption in the global market.
That could send crude oil prices soaring, which would then raise gas prices.
“If there is a deal with Russia that sees the end of the war, that could bring with it reduced tariffs, which allow that oil to flow back to the market more easily, thus increasing supply and reducing prices,” De Haan said.
Outside of the potential impact this 50% tariff could have on gas prices, Patrick believes the secondary sanction on India will slow economic growth, as many goods come from India. That, in turn, will cost Americans more and reduce their ability to spend elsewhere.
