Gas prices in Michigan are down 6 cents compared to a week ago, with Michigan drivers now paying an average of $2.75 per gallon for regular unleaded.
This price is 11 cents more than this time last month and 87 cents more than this time last year.
Motorists are paying an average of $41 for a full 15-gallon tank of gasoline; an increase of $2 from when prices were their highest January of 2020.
High crude prices and growing refinery utilization — which increased from 69 to 76 percent last week according to new data from the Energy Information Administration (EIA) — contributed to national gas price increases last week. However, increased gasoline stocks and a decrease in demand helped to slow the rate at which prices have increased. Total domestic gas stocks increased by 500,000 bbl to 232.1 million bbl, while demand decreased from 8.73 million b/d to 8.44 million b/d.
At the close of Thursday's formal trading session, WTI decreased by $4.60 to settle at $60. Crude prices dipped due to market concern that demand may stumble as some countries restart coronavirus restrictions to curb growing infection rates. The decrease in crude prices has also been supported by EIA reporting that total crude inventories increased by 2.4 million bbl to 500.8 million bbl.
"Thanks to a decrease in crude prices, coupled with increased gasoline stocks and lower demand, Michigan motorists have seen a slight decrease in pump prices," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If these trends continue, prices could hold steady through this week."
Compared to last week, Metro Detroit's average daily gas price decreased slightly. Metro Detroit's current average is $2.74 per gallon, about 2 cents less than last week's average and 84 cents 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), Jackson ($2.78), Saginaw ($2.76) Least expensive gas price averages: Traverse City ($2.67), Benton Harbor ($2.70), Grand Rapids ($2.71)
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.
