MADISON HEIGHTS, Mich. -- Speculation that fuel supplies could dry up in the wake of Tuesday's deadly attacks in New York and Washington has led to higher prices at metro Detroit gas stations Tuesday.

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Speculation Raises Gas Prices

A few stations in metro Detroit were selling gas for as much as $5 per gallon of regular. But for the most part, prices across the metro area ranged from about $1.60 to $2.29 across the region.

Reports of gas prices soaring to $4 or more in other Midwest states led many motorists to try to fill up their tanks Tuesday evening, in hopes of beating an anticipated hike Wednesday. Cars lined up at stations across the metro area, Local First News reported.

The Marathon station on 12 Mile Road in Madison Heights raised the price of regular gas to $5 after a competing station increased its price to $1.99 from $1.63, a worker told Local First News. Marathon's wholesale price increased 15 cents.

Despite the hefty price, the Marathon station sold out of gas and then closed, according to Local First News.

Local First News reporter Rod Meloni said that speculators set wholesale gas prices based on whether they think the future supply will satisfy demand.

Possible military intervention in the Middle East in retaliation for Tuesday's attacks may lead to fuel increases in the future.