Gas prices in Michigan dropped 3 cents compared to a week ago, with Michigan drivers now paying an average of $2.47 per gallon for regular unleaded.
This price is 13 cents more than this time last month and 4 cents more than this time last year.
Motorists are paying an average of $37 for a full 15-gallon tank of gasoline; a discount of $2 from when prices were their highest last January.
Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week from 7.78 million b/d to 7.86 million b/d, according to new data from the Energy Information Administration (EIA). Pump prices continue to rise despite the overall sustained lower demand numbers and EIA's latest report showing that total domestic gas stocks grew by 4.3 million bbl to 256.4 million bbl.
At the close of Thursday's formal trading session, WTI decreased by 44 cents to settle at $58.24. Although market concern regarding crude demand pushed prices lower, crude prices increased last week, reaching the highest daily settlement price since January 2020 on Wednesday at $58.68.
The price increase occurred after EIA's weekly report revealed that total domestic crude inventories decreased by 6.6 million bbl to 469 million bbl, while total refinery crude utilization increased slightly from 82.3% to 83% the prior week.
"Crude and pump prices are likely to continue to move higher as crude inventories continue to drop and utilization increases," said Adrienne Woodland, spokesperson, AAA - The Auto Club Group. "Based on current trends, drivers will likely see pump prices continue to increase ahead of spring."
Compared to last week, Metro Detroit's average daily gas price increased slightly. Metro Detroit's current average is $2.48 per gallon, 2 cents more than last week's average and about 9 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 ($2.53), Metro Detroit ($2.48), Benton Harbor ($2.48) Least expensive gas price averages: Traverse City ($2.32), Lansing ($2.43), Flint ($2.43).
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.
