Michigan gas prices hold steady
Drivers see some stability at the pump as the Michigan state average stays flat
DEARBORN, Mich. (WLUC) - Gas prices in Michigan are holding steady after weeks of volatility. Michigan drivers are paying an average of $2.79 per gallon for regular unleaded, the same price as last week. This price is 1 cent less than this time last month but still $1.32 more than this time last year.
Motorists are paying an average of $42 for a full 15-gallon tank of gasoline; an increase of $3 from when prices were their highest January of 2020.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 300,000 bbl to 234.9 million bbl. The increase helped to minimize pump price increases as demand increased from 8.78 million b/d to 8.94 million b/d.
At the close of Thursday’s formal trading session, WTI increased by 31 cents to settle at $63.46. Crude prices have increased week-over-week due to continuing market optimism that crude demand may increase more than expected due to increasing vaccine rollouts. WTI settled at $63.15/bbl on Wednesday — the first time since March 17 that the price settled at more than $62/bbl.
“After a wild March, Michigan drivers are seeing a little stability at the pump,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “Rising stocks held pump prices in check last week, despite an increase in crude oil prices. If crude prices continue to rise and remain high, gas prices will likely follow suit.”
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $2.81 per gallon, about 1 cent less than last week’s average and $1.33 more than this same time last year.
Click here to view AAA’s state and metro gas averages
- Most expensive gas price averages: Marquette ($2.88), Saginaw ($2.83, Ann Arbor ($2.81)
- Least expensive gas price averages: Traverse City ($2.67), Grand Rapids ($2.73), Benton Harbor ($2.74)
Gas Price Survey Methodology: Every day up to 130,000 stations in the nation and more than 4,200 stations in Michigan are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
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