AAA Michigan: Gas prices up 15 cents from last week
Michigan drivers are now paying an average of $2.32 per gallon for regular unleaded, which is the highest price seen since early March of 2020.
DEARBORN, Mich. (WLUC) - Gas prices in Michigan are up 15 cents compared to a week ago.
Michigan drivers are now paying an average of $2.32 per gallon for regular unleaded, which is the highest price seen since early March of 2020. This price is 19 cents more than this time last month but still 19 cents less than this time last year.
Motorists are paying an average of $35 for a full 15-gallon tank of gasoline; a discount of $5 from when prices were their highest last January.
Pump prices have increased while gas demand remains low at 7.53 million b/d and total refinery utilization increased from 80.7 percent to 82 percent in the latest weekly report from the Energy Information Administration (EIA). At the close of Thursday’s formal trading session, WTI increased by 66 cents to settle at $53.57. Crude prices continued to increase last week due to market optimism that coronavirus vaccines will help crude demand recover this year. Additionally, EIA’s new weekly report helped bolster prices, detailing that total domestic crude inventories declined by 3.2 million bbl to 482.2 million bbl last week.
“If crude prices continue to stay above $50 per barrel alongside higher refinery utilization rates and demand, drivers could see pump prices continue to climb,” said Adrienne Woodland, spokesperson, AAA - The Auto Club Group.
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $2.32 per gallon, about 11 cents more than last week’s average but still 21 cents less than this same time last year.
About AAA - The Auto Club Group: AAA in Michigan celebrated its 100th Anniversary - A Century of Service in 2016 and has over 1.5 million members across the state. It is part of The Auto Club Group (ACG). Connect with us on Facebook and LinkedIn. The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.
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