AAA: Gas prices decline 2 cents
The Marquette AAA region, which encompasses all of Upper Michigan, had the highest statewide average last week at $2.91/gallon.
DEARBORN, Mich. (AAA/WLUC) - Gas prices in Michigan dropped 2 cents compared to a week ago. Michigan drivers are now paying an average of $2.80 per gallon for regular unleaded. This price is 4 cents less than this time last month but still $1.28 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, total domestic gasoline stocks increased by 100,000 bbl to 235.1 million bbl last week. The increase helped to limit pump price increases as demand dropped from 9.1 million b/d to 8.88 million b/d.
At the close of Thursday’s formal trading session, WTI increased by $1.15 to settle at $65.01. Crude prices increased last week due to a weak dollar and growing market optimism that crude demand will recover despite surging coronavirus infection rates in Asia that could derail expectations.
Additionally, prices increased earlier last week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies recommended to leave in place a recent agreement to gradually increase crude production by at least 2.1 million b/d starting this month.
At the next OPEC+ ministerial meeting on June 1, the cartel will meet via videoconference to review output levels for July and August.
“While April began with a sharp gas price increase, Michigan motorists are seeing a slight decrease as we enter the month of May,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “If gas stocks continue to grow, amid a reduction in demand, pump prices could hold steady through the week.”
Compared to last week, Metro Detroit’s average daily gas price increased slightly. Metro Detroit’s current average is $2.82 per gallon, about 2 cents more than last week’s average and $1.28 more than this same time last year.
Click here to view AAA’s state and metro gas averages:
- Most expensive gas price averages: Marquette ($2.91), Jackson ($2.83), Bento Harbor ($2.82)
- Least expensive gas price averages: Traverse City ($2.73), Grand Rapids ($2.76), Lansing ($2.76)
Find Local Gas Prices
- Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com
- Motorists can find the lowest gas prices on their smartphone or tablet with the free AAA Mobile app. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.
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