DEARBORN, MI-- Gas prices in Michigan jumped 16 cents, setting a new 2021 high.
Michigan drivers are now paying an average of $3.43 per gallon for regular unleaded. This price is 17 cents more than this time last month and $1.43 more than this time last year.
Motorists are paying an average of $51 for a full 15-gallon tank of gasoline; an increase of about $12 from when prices were their highest last January.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.5 million bbl to 214.2 million bbl. However, gasoline demand rose from 9.32 million b/d to 9.5 million b/d. The slight increase in demand has contributed to price increases, while elevated crude prices continue to put upward market pressure on pump prices. Also, EIA data released last week revealed PADD 2 (Midwest) gasoline stockpiles drew 1.1 million bbl, to 44.3 million bbl, bringing inventories to their lowest level since November 2014.
At the close of Thursday’s formal trading session, WTI decreased by $2.05 to settle at $78.81 — marking the first time in nearly a month that prices fell below $80 per barrel at closing. Crude prices have declined amid a strengthening dollar and after EIA reported that total domestic crude supply increased by 3.3 million bbl to 434.1 million bbl.
"Low regional stock levels in the Midwest helped put pressure on Michigan pump prices pushing them to a new 2021-high," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If stock levels remain tight alongside high crude oil prices, motorists could expect gas prices to remain elevated through this week."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.40 per gallon, about 8 cents more than last week’s average and $1.36 more than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Saginaw ($3.48), Lansing ($3.47), Jackson ($3.46)
- Least expensive gas price averages: Metro Detroit ($3.40), Marquette ($3.42), Ann Arbor ($3.44)
Find Local Gas Prices
- 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.
