Michigan motorists are now paying slightly more at the pump, with gas prices rising by an average of 4 cents over the past week. The latest figures from AAA reveal that the average cost for a gallon of regular unleaded gasoline in the state is currently $3.25. This marks a 26-cent increase compared to last month, although prices are still 5 cents lower than they were at this point last year.
The current price hike means that filling up a standard 15-gallon tank of gas will cost drivers around $48 on average. This change in gas prices comes amid fluctuating market conditions, as outlined by the Energy Information Administration’s recent findings. Despite a drop in supply, the demand for gasoline remains relatively unchanged, contributing to a stabilization of the national average gas price.
AAA- The Auto Club Group shed light on the factors influencing these price adjustments in a statement released on Monday. “Oil prices have escalated due to a weakening dollar and ongoing conflicts in the Red Sea, which continue to fuel market concerns over potential disruptions to shipping routes. In addition, there has been a noticeable increase in domestic commercial crude inventories, which rose by 3.6 million barrels to 443 million barrels,” the statement explained.
On a broader scale, Patrick De Haan, a renowned oil and refined products analyst, shared via Twitter that the national average for gas prices had seen a slight decrease, dropping to $3.24 per gallon. This marks the first decline in five weeks. The gas prices in Metro Detroit align closely with the state average, also standing at $3.24 per gallon.
The report also highlighted regional differences within Michigan, with the highest gas prices recorded in Saginaw at $3.27 per gallon, followed closely by Lansing and Ann Arbor, both at $3.26 per gallon. Conversely, Marquette boasts the lowest average price at $3.10 per gallon, with Traverse City and Metro Detroit offering more competitive rates at $3.23 and $3.24 per gallon, respectively.
