Michigan gas price average jumps 10 cents over the past week

DEARBORN, Mich. (WLUC) – The state gas price average is back on the rise, and by double-digits. Up 10 cents from a week ago.

Michigan drivers are now paying an average of $3.68 per gallon for regular unleaded gas. That price is 14 cents more than this time last month and 17 cents more than this time last year. The national average is down 2 cents from a week ago, to $3.50 for a gallon of regular unleaded gas.

Motorists are paying an average of $55 for a full 15-gallon tank of gasoline; a discount of about $3 from 2023′s highest price last August.

According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.39 million b/d to 8.78. Meanwhile, total domestic gasoline stocks fell from 231.7 to 229.7 million barrels. Gasoline production took a slight ding, likely from Hurricane Beryl, dropping from an average of 10.3 million barrels daily to 9.5.

At the close of Wednesday’s formal trading session, WTI rose $2.09 to settle at $82.85 a barrel. The EIA reports that crude oil inventories decreased by 4.9 million barrels from the previous week. At 440.2 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

“After dropping slightly early last week, Michigan gas prices saw a spike over the weekend,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “If gas demand remains low, alongside an increase in supply, pump prices could possibly reverse course.”

Around Upper Michigan, the lowest average is in Menominee County at $3.46 per gallon. The highest is in Mackinac County at $3.89 per gallon.

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