Michigan gas prices rise 9 cents from a week ago
The Michigan state average is still down 18 cents from this time last month
DEARBORN, Mich. (WLUC) - Gas prices in Michigan are up 9 cents from a week ago.
Drivers across the state are now paying an average of $3.72 per gallon for regular unleaded gas. This price is 18 cents less than this time last month and 9 cents less than this time last year. Meantime the national average remains higher, at $3.88 per gallon.
Motorists are paying an average of $55 for a full 15-gallon tank of gas; a discount of about $23 from 2022′s highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.32 to 8.31 million b/d. Meanwhile, total domestic gasoline stocks jumped from 214.7 to 220.3 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by 32 cents to settle at $88.52. Oil prices fell after the EIA reported that total domestic commercial crude inventories increased by 4 million bbl to 420.6 million bbl. However, earlier last week, crude prices rallied amid ongoing market concern that the global oil supply will remain tight for the remainder of 2023. According to the International Energy Agency’s September 2023 Oil Market Report, production cuts from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will lead to an oil supply shortfall this fall and winter.
“After weeks of steady decline, Michigan motorists are now seeing higher gas prices across the state,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “Although gas demand has dropped amid increasing stocks, elevated oil prices have pushed pump prices higher.”
Around the Upper Peninsula, the highest average can be found in Ontonagon County at $4.16 per gallon. Meantime, the lowest can be found in Dickinson and Menominee Counties at $3.63 per gallon.
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