DEARBORN, MI (WKZO AM/FM) — Gas prices in Michigan are up 15 cents compared to a week ago, according to data released Monday from AAA. Michigan drivers are now paying an average of $2.32 per gallon for regular unleaded, which is the highest price seen since early March of 2020.
This price is 19 cents more than this time last month, but still 19 cents less than this time last year.
Motorists are paying an average of $35 for a full 15-gallon tank of gasoline; a discount of $5 from when prices were their highest last January.
Pump prices have increased while gas demand remains low at 7.53 million b/d and total refinery utilization increased from 80.7 percent to 82 percent in the latest weekly report from the Energy Information Administration (EIA).
At the close of Thursday’s formal trading session, WTI increased by 66 cents to settle at $53.57. Crude prices continued to increase last week due to market optimism that coronavirus vaccines will help crude demand recover this year.
Additionally, EIA’s new weekly report helped bolster prices, detailing that total domestic crude inventories declined by 3.2 million bbl to 482.2 million bbl last week.
“If crude prices continue to stay above $50 per barrel alongside higher refinery utilization rates and demand, drivers could see pump prices continue to climb,” AAA Spokesperson Adrienne Woodland said in a statement.
- Most expensive gas price averages: Ann Arbor ($2.35), Jackson ($2.34), Grand Rapids ($2.33)
- Least expensive gas price averages: Traverse City ($2.25), Flint ($2.30), Marquette ($2.30)
In Kalamazoo County, prices are currently sitting at an average of $2.28 per gallon of unleaded.
Click here to view AAA’s state and metro gas averages.
Comments