Gas prices in Michigan increased 4 cents compared to a week ago. Michigan drivers are now paying an average of $2.83 per gallon for regular unleaded. This price is 12 cents more than this time last month and $1.41 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 gasoline stocks increased by 100,000 bbl to 235 million bbl. The increase helped to minimize pump price increases as demand increased from 8.94 million b/d to 9.1 million b/d. This demand estimate is one of the highest since March 2020, when social distancing restrictions were established that dramatically reduced gas demand, and is in line with typical spring driving season rates seen pre-pandemic.
At the close of Thursday's formal trading session, WTI increased by eight cents to settle at $61.43. Crude prices increased despite growing market concern that surging coronavirus infection rates in Asia may derail expectations for crude demand recovery. Additionally, EIA's weekly report revealed that total domestic crude inventory increased by 600,000 bbl to 493 million bbl, contributing to downward pressure on crude prices.
"Increasing gas stocks helped keep pump prices in check last week, despite demand rising to pre-pandemic rates," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Continued growth in total domestic supply will likely help pump prices hold steady through this week."
Compared to last week, Metro Detroit's average daily gas price decreased slightly. Metro Detroit's current average is $2.80 per gallon, about 1 cent less than last week's average and $1.37 more than this same time last year.
Click here to view AAA's state and metro gas averages
Most expensive gas price averages: Jackson ($2.87), Marquette ($2.87), Grand Rapids ($2.86)Least expensive gas price averages: Ann Arbor ($2.79), Metro Detroit ($2.80), Traverse City ($2.81)
Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com
