Gas prices in Michigan declined slightly after setting a new 2021-high of $2.82 per gallon last week.
Michigan drivers are now paying an average of $2.81 per gallon for regular unleaded, 9 cents more than a week ago and the highest price seen since July of 2019. This price is 34 cents more than this time last month and 75 cents more than this time last year.
Motorists are paying an average of $42 for a full 15-gallon tank of gasoline; an increase of about $3 from when prices were their highest last January.
According to new data from the Energy Information Administration (EIA), total domestic gas stocks decreased by 11.9 million bbl to 231.6 million bbl, as demand increased from 8.15 million b/d to 8.73 million b/d, which is the highest demand measurement since the end of November 2020.
At the close of Thursday's formal trading session, WTI increased by $1.58 to settle at $66.02. Market optimism about crude demand recovery continues to push crude prices higher. As vaccines continue to rollout and optimism grows, the market is likely to continue seeing higher crude prices.
"Last week, rising crude prices, tightening gas supplies, and increased gas demand continued to drive pump prices higher," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If these trends persist, Michigan drivers can expect pump prices to increase through this week."
Compared to last week, Metro Detroit's average daily gas price increased slightly. Metro Detroit's current average is $2.76 per gallon, about 1 cent more than last week's average and 66 cents more than this same time last year.
Most expensive gas price averages: Marquette ($2.89), Jackson ($2.86), Lansing ($2.85); Least expensive gas price averages: Traverse City ($2.72), Ann Arbor ($2.76), Metro Detroit ($2.76).
Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com.
